Market Looks Slumpy Ahead of Trade; Experts Recommend Caution

GIFT Nifty closed up by 13.50 points or 0.06% at 23,537.50 on Monday, indicating a possible sluggish start for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. The market's downward trend persisted with a nearly half-a-percent decline, primarily due to a sharp dip in the initial trading session but recovery later in the day.

Sector-wise performance was mixed, with metals, FMCG, and auto sectors showing gains while IT and energy sectors faced losses. Despite being oversold, heavyweight stocks across various sectors have limited their declines, according to Ajit Mishra – SVP, Research, Religare Broking, cautioning investors about maintaining a watchful stance.

Stocks with notable performance include:

• Waaree Energies: Posting 17% net profit increase in its Q2 financial year, up from Rs 320 crore in the same period last year.
• GMR Airports: Searched over 10.7 million passengers, marking a 9.2% YoY rise in passenger traffic.

Key Market Analysis:

• Nifty has crossed below its major support at 200-day EMA, signaling the bears' control during trading.
• However, significant oversolds are seen across heavyweight stocks, which may temper the market's decline pace.
• Experts recommend selective focus on stock-specific opportunities and maintaining a cautious outlook on the overall index.

On Tuesday, domestic indices may witness a gloomy opening. The company wise performance has to be watched closely.

(The article will keep you updated with any last-minute changes in market trends and news.)