Daily Market Analysis : Markets oscillated in a range and ended marginally higher Says Mr. Ajit Mishra, Religare Broking
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Below Quote Daily Market Analysis 28 October 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets oscillated in a range and ended marginally higher, in continuation to the prevailing consolidation phase. The Nifty index opened with an uptick however profit taking trimmed gains as the day progressed. Most sectors ended lower however strong traction in two heavyweights viz. Reliance and Maruti helped auto and energy to close higher. Meanwhile, the broader indices underperformed and lost in the range of 0.4%-1%.
We may see further consolidation in the index and expect a similar trend on the global front as well. After the recent outperformance, banking may also take a breather and index majors from other sectors are likely to fill in the gap. Participants should maintain their focus on sector/stock selection and utilise dips to add during consolidation.
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