BTN News: In the wake of a turbulent post-election week, markets tracked sideways, with stocks finishing the day modestly higher. Both the Nifty and Sensex indices closed at 23,465.60 and 76,922.77, respectively, calling the day with a tepid outlook but a green signal. Amid a mixed setup at global front, volatility seen in select sectors with specific themes-led traction kept market participants busy in the dragged consolidation phase of the week.
Market Highlights:
- The Nifty index settled at 23,465.60, while the Sensex closed at 76,922.77.
- To the surprise of the market participants, the broader indices have outperformed the benchmarks and have given the highest gains (3.82% to 4.81%)
- In the domestic market, sectors, Agri, chemicals, cement and selective defence stocks were the top priority which signals a good environment for long trades.
A holiday on Monday will lead to a shortened trading week and apart from the other scheduled events, market participants will also react to global cues, particularly from the US markets. That mixed picture continues with the Dow Jones Industrial Average (DJIA), which is seesawing after breaking lower Tuesday, while the Nasdaq Composite and S&P 500 are at record highs.
The latest upsurge in the Nifty index shows further signs of a time-wise correction as the overall sentiment in the market remains on the comfort side. If some profit-booking plays out, analysts expect the zone of 22,800-23,100 to offer strong support. If break has achieved 23600 then may see 24000.
Sector Analysis and Trade Recommendation by Sector
Traders are recommended to trade smallcap growth sectors. On the other hand, agriculture, chemicals, cement and few defense stocks have evinced substantial interest in the recent past. The broader market is looking buoyant but stock-picking has to be done carefully when it comes to midcap and smallcap stocks.
