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Below the Quote on Weekly Market Analysis by Ajit Mishra, SVP, Research, Religare Broking Ltd

The markets kicked off the new month positively, gaining over 1% in the first week, continuing an uptrend. Supported by favorable global cues and rotational buying in leading sectors, sentiment remained bullish throughout. The Sensex reached a new milestone of 80,000 briefly, closing at 79,996.60, while the Nifty ended at 24,323.85. Key sectors such as IT, pharma, and energy led the gains. Broader indices outperformed the benchmarks, posting gains of 2.4% to 3.4%.

Looking forward, market direction largely will be influenced by upcoming earnings reports and discussions on the Union Budget. Global market trends, particularly the robust performance of US markets, will also be closely watched.

Consolidation is expected in the index after recent gains, with strong support seen around 23,700-24,000. A clear breakout above 24,500 could signal the next bullish phase. Investors are advised to focus on selective stock picking, favoring sectors like energy, FMCG, and pharma for long positions, and staying selective in the others.  Given the continued outperformance of broader indices, traders should adopt a disciplined approach, preferring fundamentally sound stocks and having exit strategies in place.

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