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Below Quote Daily Market Analysis 19 May 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets finally witnessed a breather, after three days of successive decline and gained nearly half a percent. The tone was negative in the first hour however recovery in the select heavyweights triggered a gradual rebound as the session progressed. Finally, the Nifty index settled closer to the day’s high at 18203.40 levels; up by 0.41%.  Meanwhile, a mixed trend was witnessed on the sectoral front, wherein recovery in the IT pack combined with buying auto, banking and realty space eased some pressure. The broader indices also managed to close flat amid volatility.

As global cues are still mixed, resilience in the banking pack is critical for Nifty to hold 18,050 levels and stage further recovery. We reiterate our view to restrict positions and focus on accumulating quality stocks during the consolidation phase. 

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