IGI Logo

Below Quote Daily Market Analysis 16 September 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets witnessed a sharp sell-off on the final day of the week and lost closer to 2%. The Nifty index gradually inched lower after opening with a down gap and settled closer to the lower band of the day’s range to close at 17,530.85 levels. The selling pressure was widespread wherein IT, realty and auto pack were among the top losers. The broader indices also traded in tandem and lost nearly 2.5% each.

The last two days of slide in the index have completely engulfed the gains of the previous week and a decline below 17,500 in Nifty may result in a further slide. We thus recommend maintaining a cautious stance and limiting positions. Among the sectoral pack, banking is still looking comparatively stronger so participants can continue with “buy on dips” in private banking names. 

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