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Below Quote Daily Market Analysis 30 September 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets recovered sharply on Friday and gained over one and a half percent, tracking firm domestic cues. The beginning was downbeat however the Nifty index recovered in no time and witnessed strong momentum post the MPC’s monetary policy outcome.  It finally settled at 17,094.35 levels; up by 1.64%. All sectors contributed to the move but it was banking and financials which topped the gainers' list.

The rebound was overdue but the key is to hold the gains amid the feeble global cues. We feel the recovery would strengthen above 17,200 in Nifty while 16,800 would continue to act as critical support. Meanwhile, participants should stay focused on overnight risk management and prefer index majors over others. 

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