Market Wrap : Markets witnessed some respite on the final trading day of the week, gaining nearly a percent amid mixed cues from Mr. Ajit Mishra - SVP, Research, Religare Broking Ltd
Below the Quote on market wrap from Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd
"Markets witnessed some respite on the final trading day of the week, gaining nearly a percent amid mixed cues. After a flat start, the Nifty saw a noticeable surge during the early hours of trade, followed by a range-bound move till the close. It eventually settled at 24,853, up by 0.99%.All key sectors, except pharma, contributed to the up move, with FMCG, financials, and IT emerging as the top gainers. The broader indices also advanced, gaining over half a percent each.
The rebound reflects positive sentiment despite mixed global cues, as participants are using dips to accumulate quality stocks across sectors. Technically, the recovery after retesting the crucial short-term support level — the 20-day exponential moving average (20 DEMA) — has eased some pressure. The outlook could improve further with renewed strength in the banking and financial sectors after their consolidation phase. We maintain our view of adopting a “buy on dips” strategy, with a focus on selective stock picking, unless the Nifty decisively breaks below the 24,500 mark."
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