IGI Logo

Below Quote Daily Market Analysis 18 October 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets inched higher for the second consecutive session and gained over a percent. Buoyancy in the global markets triggered a gap-up start in Nifty which further strengthened with the surge in index majors across sectors. It finally settled at 17,486.95 levels. All sectors contributed to the move wherein banking, energy, auto and FMCG were among the top performers. The broader indices also traded in sync with the move and gained nearly 1 percent each.

The recent rebound in the markets can be largely attributed to the recovery in the global indices while the earnings have been mixed so far. Importantly, Nifty has crossed the hurdle at 17,400 after two weeks of consolidation and we now expect a gradual recovery to the 17,600+ zone. Apart from the global markets, we feel participation of key sectors on a rotational basis would be critical for a sustained up move. Amid all positivity, traders should maintain their focus on overnight risk management

Above views are of the author and not of the website kindly read disclaimer