IGI Logo

Below Quote Daily Market Analysis 11 August 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets traded under pressure and lost over half a percent, in continuation to the prevailing corrective tone.  After the initial fall, Nifty hovered in a range but selling pressure in the final hours pushed the index further lower. Eventually, it settled closer to the day’s low at 19428.30 levels. Most sectors traded in sync and ended in the red wherein pharma, financials and FMCG were among the top losers. The broader indices too drifted lower and lost nearly half a percent each.

Apart from the continued underperformance from the banking majors, profit taking in other key sectors is adding to the pressure. Indications are pointing towards the possibility of retesting 19,300 in Nifty again. Traders should align their positions accordingly and focus more on risk management.

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