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Below Quote Daily Market Analysis 15 November 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets plunged sharply lower and lost nearly one and a half percent, tracking feeble global cues. The tone was negative from the beginning however a sharp decline in the final hour pushed the bulls on the back foot. Consequently, the Nifty index ended around the day’s low to close at 18414.90 levels. The selling pressure was widespread wherein IT, metal and banking shed over a percent each. The broader indices too witnessed a fall and lost in the range of 0.6%-1%.

Nifty has almost engulfed the gains of the last 3 sessions and is likely to retest the major support zone around 18,300. Its breakdown can further dent the recovery and push the index to 18,000. Traders should closely monitor global markets, especially the US, for cues. Besides, we feel the performance of the banking index would play a critical role in setting the tone ahead while others are showing a mixed trend. Meanwhile, participants should restrict leveraged positions and maintain a few shorts also. 

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