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Below Quote Daily Market Analysis 03 December 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets made a new record high in the passing week and gained nearly a percent, tracking firm global cues. The tone was positive for most of the week however profit taking in the final session marginally trimmed the gains. Consequently, the benchmark indices, Sensex and Nifty, settled at 62,868.50 and 18,696.10 levels. All sectoral indices participated in the move wherein media, realty, metal, IT and FMCG strong gains. The broader indices also witnessed decent traction and gained in the range of 2-3%

In the coming week, all eyes will be on the outcome of the MPC meet scheduled on December 7. Besides, the performance of global indices and foreign flow trends will continue to provide cues in between. 

Markets may witness some consolidation early next week however the tone would remain positive and our immediate target of 19000 is intact in Nifty. We expect Nifty to hold 18,300 during the consolidation phase. Since all the sectors are contributing to the move on a rotational basis, the focus should be on accumulating quality stocks on dips. The recent improvement in the broader market participation is certainly encouraging but participants should remain selective.

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