After showing a sustainable intraday upside recovery on Friday, Nifty shifted into a choppy movement for Monday and closed the day lower by 19 points, says Nagaraj Shetti, Technical Research Analyst, HDFC Securitie.
After opening with a negative note, the market slipped into further weakness soon after the opening. It later showed minor upside recovery from the lows, but was not able to sustain the recovery towards the end, he said.
Persistent geopolitical tensions continue to weigh down the sentiment on equity, yet the mid-and small-cap index witnessed bargain hunting ahead of festival-driven demand and optimistic Q2 result, says Vinod Nair, Head of Research at Geojit Financial Services.
If the oil price moves higher in a sustained manner, it may elevate yields and operation cost, potentially straining margins in H2FY24, he said.
As the earnings season gets into full swing, investors will be more inclined to take a bottom-up approach to restructure their portfolios.
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