Daily Market Analysis : Markets started the week on a subdued note and settled marginally lower Says Mr. Ajit Mishra, Religare Broking
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Below Quote Daily Market Analysis 19 June 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets started the week on a subdued note and settled marginally lower. In continuation to Friday’s move, Nifty opened near the record high but profit taking in banking, energy, auto and FMCG majors gradually pushed the index lower as the day progressed however rebound in select IT and financials majors capped the damage. Finally, it settled at 18,755 levels; down by 0.37%. However, the broader indices continued their outperformance amid choppiness and ended flat to marginally higher.
Markets are shying away from the record high due to intermediate volatility in the banking majors. We recommend maintaining a positive tone and focusing on other key sectors like auto, FMCG, energy, and selectively in midcap & smallcap space for fresh longs.
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