Below Quote Daily Market Analysis 12 April 2023 By Mr. Ajit Mishra, VP – Research, Religare Broking Ltd
Markets extended a positive tone for the eighth successive session and gained nearly half a percent. After the flat start, the Nifty index inched gradually higher as the day progressed and settled closer to the day’s high at 17812.40 levels. Recovery in pharma and IT majors combined with continued buying in auto, financials and metal packs kept the traders busy. The broader indices also inched higher and gained over half a percent each.
Participants will react to TCS numbers in early trade on Thursday and the performance of other IT majors will also be in focus. As of now, the rotational buying across index heavyweights is helping the index to inch higher and we feel the prevailing trend to continue with some intermediate consolidation. Traders should accordingly align their positions and maintain focus on overnight risk management.
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