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Below Quote Daily Market Analysis 11 November 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets rebounded strongly and gained nearly 2%, tracking firm global cues. A sharp surge in the US markets triggered a gap-up start in the Nifty however selective participation from the index majors capped the momentum as the day progressed. It finally settled closer to the day’s high at 18349.7 levels. The IT pack led the surge among the sectoral pack closely followed by metal and financials. Meanwhile, the underperformance continued on the broader front wherein both midcap and smallcap ended flat to marginally higher.

Markets have been maintaining a positive trend and recovery in the US markets is fuelling momentum at regular intervals. Since Nifty has reclaimed the 18,350 mark, we are now eyeing the record high in the index. At the same time, we’ve been observing selective participation so stock selection holds importance. Besides, the underperformance of the broader market is also hurting the sentiment. Participants should align their positions accordingly and prefer stocks that are trading in tandem with the benchmark.

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