Below is the Daily Market Analysis 22 October 2021 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets remained under pressure for yet another session and lost nearly half a percent. After the initial uptick, the selling pressure resumed as the day progressed which led the Nifty to end lower by 0.3% at 18,117 levels. The broader markets also traded in sync with the benchmark and both mid cap and small cap ended lower by 1% each. A mixed trend was witnessed on the sectoral front wherein realty and banking ended marginally higher while healthcare, metal and IT settled in the red.
Markets will react to the Reliance and ICICI Bank results in early trade on Monday. Besides, global cues and movement in crude oil prices would be actively tracked. On the benchmark front, we expect Nifty to find support around 17,950 zone while 18,200-18,400 zone would act as a hurdle. While traders are complaining of excessive volatility across the board, the recent fall is helping investors to accumulate quality stocks which are available at a good bargain.
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