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Below Quote Daily Market Analysis 17 November 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets shed over a percent for the second consecutive week, tracking weak global cues. The tone was positive in the first three sessions however the profit taking in the final sessions engulfed all the gains and push the index into the red. Finally, the benchmark indices, Sensex and Nifty, settled at 61,337.81 and 18,269.00 levels. Among the key sectoral indices,  profit taking in banking, financials and FMCG combined with a fall in the IT pack was weighing on the sentiment. Meanwhile, the broader indices ended mixed wherein the midcap lost over a percent while the smallcap gained around half a percent.

In absence of any major event, cues from the global indices, especially the US, would remain on participants’ radar.

Apart from the feeble global cues, continued profit taking in the banking index may result in further decline and Nifty could test the 18,000-18,100 zone soon. On the higher side, 18,500-18,750 would act as hurdles. Since all the sectors are largely trading in tandem with the benchmark, participants should plan their exits in profitable trades and stay selective for fresh positions. 

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