By Ajit Mishra
Markets traded lackluster in a range and settled with marginal cut, in continuation to the prevailing consolidation phase. After the muted start, Nifty oscillated on both sides, tracking mixed trends in the heavyweights across sectors.
Meanwhile, the sectoral moves kept the traders busy wherein pharma, energy, and realty performed well while pressure continued in FMCG and banking. The broader indices also traded mixed and midcap managed to gain nearly a percent.
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Amid the choppiness on the local front, a steady uptrend in the US markets is giving some comfort. We were eyeing 39,000 in the Dow Jones Industrial Average(DJIA) and it has almost reached closer to the mark. They may also see some profit taking but the tone is likely to remain positive.
Market rally leads to higher regulatory fees for stock exchanges Will Nifty trade above 24,800, or will it experience profit booking? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Will Nifty scale up to 24,500, or will it face further decline? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Will Nifty scale up to 24,500 or see profit booking from higher levels? See GIFT Nifty, FII data, F&O ban, crude, more before market opens
Going ahead, we expect the consolidation to continue in the Nifty and banking holds the key for the next directional move as other key sectors have done their part. A decisive break above 22,150 in Nifty and 47,000 in banking could only fuel the fresh momentum while the 21,200-21,450 zone would offer support, in case the profit taking resumes.
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On the sectoral front, we reiterate our preference for IT, metal & pharma for long trades and expect a cool-off in the others, especially the PSU pack. Traders should continue with stock-specific approach and prefer a hedged approach.
(Ajit Mishra, SVP- Technical Research, Religare Broking. Views expressed are author’s own. Please consult your financial advisor before investing.)
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