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Below Quote Daily Market Analysis 06 January 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets extended decline and lost nearly a percent, tracking weak global cues. After the initial uptick, Nifty traded under pressure for most of the session and almost retested the last month’s low. It witnessed a marginal rebound in the end and finally settled at 17859 levels. The majority of sectoral indices traded in sync with the benchmark and ended lower wherein IT and banking were among the top losers. The broader indices too witnessed a decline and lost in the range of nearly a percent each.

Weak global cues are largely weighing on sentiment in absence of any major trigger from the domestic front. We may see some breather in the Nifty index after the recent slide but the tone is likely to remain negative, citing the weak structure of several index heavyweights. Participants should align their positions accordingly while keeping a check on leveraged trades. 

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