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Below Quote Daily Market Analysis 10 October 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets started the week with nearly half a percent cut, pressurised by weak global cues.  After the sharp gap down in early trades, the Nifty index gradually pared losses, thanks to the rebound in heavyweights from across sectors. However, profit taking around the 17,300 zone capped the upside and it finally settled at the 17,241 level. While most of the sectoral indices traded mixed, a rebound in the IT pack ahead of the TCS numbers was the major highlight.

Markets are showing tremendous resilience amid the weak global environment however traders are facing tough times due to intermediate volatility. And, now with the beginning of the earnings season, we expect the choppiness to remain high. On the index front, Nifty can extend the rebound if it manages to reclaim 17,400 else consolidation will continue. Meanwhile, we feel participants should maintain their focus more on risk management and limit the leveraged positions. 

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