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Below Quote Daily Market Analysis 29 December 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets traded volatile on the monthly expiry day and ended marginally higher amid mixed signals.   After the gap-down start, the first half was dull as the Nifty index hovered in a narrow band however a sharp surge in the index majors in the latter half completely changed the tone. Consequently, it settled around the day’s high to close at 18,191 levels.  Meanwhile, the sectoral indices witnessed a mixed trend wherein the metal and banking pack posted decent gains. The broader indices underperformed the benchmark and ended marginally in the green.

Markets may attempt to extend the rebound on the last trading day of the calendar year however mixed global cues could cap the upside.  Besides, the existence of a hurdle around 18,350 in Nifty is added negative. We thus reiterate our view to continue with stock-specific trading approach and maintain positions on both sides until we get clarity over the directional move in the index.

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