IGI Logo

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

Markets ended the 3-week long consolidation phase and posted decent gains, tracking favourable cues. Several factors like the easing of crude, consistent foreign inflows and rebound in the US markets in the latter part helped the index to inch higher. Consequently, both the benchmark indices, Nifty and Sensex, settled closer to the week’s high at 17,833 and 59,793 levels respectively. All sectors contributed to the move wherein banking and financials led the surge. The broader indices too witnessed decent traction and gained in the range of 2-3.5%.

Participants will be eyeing macroeconomic data viz. IIP, CPI and WPI next week for cues. Besides, the performance of the global markets especially the US would remain on their radar. 

We’re now eyeing 18,100 in Nifty however mixed global cues may continue to trigger volatility in between. Since all the sectors are now aligned to the market trend, the focus should more on stock selection. We reiterate our preference for leaders like banking, financials, auto, and FMCG and suggest maintaining a selective approach to others. While the broader markets are also seeing decent traction, it’s prudent to stick with the quality names and avoid bottom fishing in laggards. 

Above views are of the author and not of the website kindly read disclaimer