Weekly Market Note : Markets ended 2-week long consolidation phase and settled around the week`s high By Ajit Mishra, Religare Broking
![](https://portfolio.investmentguruindia.com/uploads/news/Broker _26.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Below are Views On Weekly Market Analysis By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets ended 2-week long consolidation phase and settled around the week’s high. Weak global cues triggered a subdued start however buying in the select heavyweights prompted some recovery in the middle. It was the buoyancy in the IT pack on Friday, which helped the index to reclaim a record high. Consequently, both the benchmark indices, Nifty and Sensex, settled at 21,894.50 and 72,568.40 respectively. Meanwhile, the mixed trend continued on the sectoral front wherein IT, realty and energy were among the top performers while FMCG and banking ended lower. The broader indices also edged higher wherein the smallcap index gained over half a percent.
Apart from earnings, the performance of the US markets will remain in focus for cues. We have been seeing consolidation in the Dow Jones Industrial Average (DJIA), with bias on the positive side. A decisive breakout above 37,800 would prompt the next leg of up move towards 39,000 levels and the support has shifted to the 36,900-37,300 zone.
On the domestic front, Nifty has reclaimed its record high and looks set to test 22,150 and then 22,500 however pace of rise could be gradual due to the prevailing underperformance of banking. In case of any profit taking, the 21,150-21,500 zone would continue to act as strong support. Meanwhile, we thus suggest focusing on other key sectors for stock selection. And, since the choppiness remains high during the earnings, risk management plays a critical role irrespective of the market trend and traders should plan their trades accordingly.
Above views are of the author and not of the website kindly read disclaimer
![](https://portfolio.investmentguruindia.com/uploads/news/jul02v195.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Calcom26FEb.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/jul03v4_unyafZ7.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Pankaj Jathar CEO NIIT Ltd..jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/ITSecWewin.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/power sector.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Goldjewellary.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/jul02v191.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/railMetro.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Textile21Feb.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/uploads/news/shrey jain.jpg)
Mid Market Comment by Mr Shrey Jain Founder and CEO SAS Online - India`s Deep Discount Broker
More News
![](https://portfolio.investmentguruindia.com/uploads/news/67970a0f5adfff3c49a28ab914bc39a8.jpg)
Morning Nifty and Derivative comments 28 September 2023 By Anand James, Geojit Financial Ser...
![Daily Market Commentary : Nifty opened positive above the 20000 mark but edged lower to close flat at 19993 levels Says Mr. Siddhartha Khemka, Motilal Oswal](https://portfolio.investmentguruindia.com/uploads/news/848040b9c5d7c010e62868a4821080c0.jpg)
![Daily Market Commentary : Real Estate saw a sharp rally of 6% on the back of strong launch pipeline says Mr. Siddhartha Khemka, Motilal Oswal Financial Services Ltd](https://portfolio.investmentguruindia.com/uploads/news/Broker _16.jpg)
![Daily Market Analysis : Markets traded volatile for yet another session and ended almost unchanged, in continuation to the prevailing trend Says Mr. Ajit Mishra, Religare Broking](https://portfolio.investmentguruindia.com/uploads/news/Broker _23.jpg)