Daily Market Analysis : Markets traded volatile and lost over half a percent, in continuation to Tuesday`s fall Says Mr. Ajit Mishra, Religare Broking
Below Quote Daily Market Analysis 17 May 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets traded volatile and lost over half a percent, in continuation to Tuesday’s fall. After the flat start, the Nifty gradually drifted lower however rebound in the final hours helped the index to recoup some losses. It eventually settled at 18,181.75 levels; down by 0.57%. The majority of sectors traded in tandem with the benchmark trend and edged lower wherein realty, IT and metal were among the top losers. Interestingly, the broader indices continued their outperformance for the second consecutive session.
As global markets are not offering any cue, the performance of the key sectors viz. Banking, financials, auto and FMCG will continue to dictate the trend. On the index front, Nifty has crucial support at the 18050 mark, which also coincides with the short term moving average i.e. 20 EMA. Though the downside seems capped, we recommend maintaining a focus on stock selection and overnight risk management.
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