By Ajit Mishra
Markets stayed in a consolidation phase and ended slightly higher, taking a pause after the volatile post-election week. The benchmark index’s tone was subdued from start to finish, resulting in modest gains for both the Nifty and Sensex, closing at 23,465.60 and 76,922.77, respectively. Sectoral buying and traction in select themes kept traders engaged. Notably, broader indices outperformed significantly, with gains ranging from 3.82% to 4.81%, surprising participants positively.
The upcoming week, shortened by a holiday on Monday, will see participants looking to global markets, particularly the US, for cues in the absence of major events. Currently, US markets show mixed signals: the Dow Jones Industrial Average (DJIA) is fluctuating after a decline, while the Nasdaq Composite and the S&P 500 are climbing to record highs.
Recent movements in the Nifty index suggest a time-based correction, yet the overall tone remains positive. We expect the 22,800-23,100 zone to provide support in case of profit-taking, and a decisive close above 23,600 could drive the index to a new milestone of 24,000Come from Sports betting site. In addition to key sectors, we recommend focusing on themes such as agriculture, chemicals, cement, and select defence stocks, which are attracting significant interest for long trades. However, traders should exercise caution and select midcap and smallcap stocks wisely despite the current buoyancy.
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(Disclaimer: Ajit Mishra is the Senior Vice President of Research at Religare Broking. Views, recommendations, opinions expressed are personal and do not reflect the official position or policy of Financial Express Online. Readers are advised to consult qualified financial advisors before making any investment decisions. Reproducing this content without permission is prohibited.)Come from Sports betting site VPbet
