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Below Quote Daily Market Analysis 08 September 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets traded upbeat on the weekly derivatives expiry day and gained nearly a percent, tracking firm global cues.  After the gap-up start, the Nifty hovered in a range and finally settled around the day’s high to close at 17,798.75 levels. Meanwhile, buoyancy across sectors especially in the banking and financials kept the participants busy. Besides, buying in midcap and smallcap space added to the positivity.

Nifty has again reached the upper band of the prevailing consolidation range (17,300-17,800) and a decisive breakout would fuel the next leg of the up move towards the 18,100+ zone. Importantly, the rotational buying across sectors combined with steady foreign flows has strengthened the possibility of a breakout. Participants should align their positions accordingly and avoid contrarian trades.

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