Weekly Note by Mr. Ajit Mishra, SVP - Research, Religare Broking Ltd
![](https://portfolio.investmentguruindia.com/uploads/news/Ajit Mishra.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 the Quote on Weekly Note by Mr. Ajit Mishra, SVP - Research, Religare Broking Ltd
The markets have extended their winning streak for the third consecutive week, reaching new highs on the back of positive cues. The benchmark indices had a strong start, thanks to favorable global trends, though a mixed performance among heavyweight stocks caused slight consolidation mid-week. However, optimism returned in the final sessions, allowing both the Nifty and Sensex to gain nearly 1.5% each, closing at 25,235.90 and 82,365.77, respectively. All the major sectoral indices, except for FMCG, participated in the rally, with IT leading the way, followed by realty and pharma. The broader indices also mostly moved in line with the benchmarks, gaining over 1% each.
The new week also marks the beginning of a new month, and participants will be closely monitoring high-frequency data such as auto sales, HSBC Manufacturing PMI, and HSBC Services PMI. Nonetheless, global cues will remain a key focus, particularly as U.S. markets continue to reach new highs.
Although the market has been on a steady upward trend, momentum has been somewhat lacking, largely due to the underperformance of major banking stocks, which carry substantial weight in the benchmark. And, If we see improved participation from the banking sector, Nifty could break past the 25,500 mark and move toward a new milestone of 26,000. We thus suggest continuing with a "buy on dips" approach, with the support zone for Nifty now set at 24,750-25,000. In terms of sectors, while IT still shows promise, traders should concentrate on financials and realty for long trades next week and remain selective with other sectors.
Above views are of the author and not of the website kindly read disclaimer
![](https://portfolio.investmentguruindia.com/uploads/news/Funding.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Myntra_trent.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/FPI_09.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Geojit Financial Services.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Ajit Mishra.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Broker_87.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Krishna Appala.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Alchemy Capital Management.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Broker_88.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/broker_1.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/uploads/news/Broker_87.jpg)
Market Quote : Global markets are currently resonating with the US Fed`s pledges of a rate c...
![Quote on Market by Krishna Appala, Sr. Research Analyst, Capitalmind Research](https://portfolio.investmentguruindia.com/uploads/news/Krishna Appala.jpg)
![Daily Market Commentary : Nifty traded in positive territory throughout the session on the last day of the month and made a fresh high above 25200 levels Says Mr. Siddhartha Khemka, Motilal Oswal](https://portfolio.investmentguruindia.com/uploads/news/Broker_88.jpg)
![Weekly Market Outlook 30th August 2024 from Vinod Nair, Head of Research at Geojit Financial Services](https://portfolio.investmentguruindia.com/uploads/news/broker_1.jpg)
More News
![](https://portfolio.investmentguruindia.com/uploads/news/Sonam Srivastava.jpg)
perspective on Nifty Realty Index by Ms. Sonam Srivastava, Wright Research
![Daily Market Commentary : Pharma sector saw buying interest given its defensive nature and on expectation of healthy earnings delivery Says Mr. Siddhartha Khemka, Motilal Oswal](https://portfolio.investmentguruindia.com/uploads/news/broker_85.jpg)
![Daily Market Analysis : Markets traded volatile on the weekly expiry day and ended marginally in the green Says Mr. Ajit Mishra, Religare Broking](https://portfolio.investmentguruindia.com/uploads/news/4f6353ee555fe19f0a2d41186d2d6dcd.jpg)
![Post-market comment by Mandar Bhojane, Choice Broking](https://portfolio.investmentguruindia.com/uploads/news/Broker _15.jpg)