Daily Market Analysis : Markets witnessed a breather and gained over half a percent, tracking firm global cues Says Mr. Ajit Mishra, Religare Broking
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Below Quote Daily Market Analysis 13 November 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets witnessed a breather and gained over half a percent, tracking firm global cues. After the initial uptick, the Nifty index gradually inched higher and settled around the day’s high to close at 18608 levels. Continued buoyancy in the banking pack combined recovery in the IT majors played a key role in recovery while others traded mixed. The market breadth was also positively inclined, thanks to noticeable buying in midcap and smallcap space.
Indications are in the favour of further rebound however a lot would depend upon how the US market reacts to the inflation data. On the index front, Nifty could find a hurdle around 18,750 and the banking index may take a breather around 44,250 levels. Amid the prevailing consolidation, we reiterate our positive tone and suggest continuing with the “buy on dips” approach.
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