IGI Logo

Below Quote Daily Market Analysis 17 January 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets reversed Monday’s fall and gained nearly a percent amid volatility. The Nifty oscillated in a range for most of the session however a sharp surge in the final hour helped the index to close around the day’s high at 18053.30 levels. Meanwhile, recovery in the energy and FMCG majors kept the participants busy while others traded mixed. The broader indices maintained the subdued tone and ended almost unchanged.

The bulls are trying hard to cap the damage amid the prevailing consolidation phase and awaiting some trigger for further recovery. We feel buying in select index majors may result in some respite ahead but not enough to trigger the next directional move. We thus reiterate our view to focus on stock selection and risk management until we see some decisive signal. 

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