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Below is the Daily Market Analysis 05 January 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets traded upbeat for yet another session and gained over half a percent, in continuation to prevailing up move. The beginning was on a flat note, tracking muted global cues however noticeable buying in the banking, metal and auto majors helped the benchmark inch gradually higher as the session progressed. Consequently, the Nifty ended with strong gains of 0.7% to close at 17,925.25 levels. Meanwhile, the broader indices traded mixed and both ended on a flat note.

Markets have witnessed an excellent start of the calendar year however we may see a breather now as Nifty may find resistance around the 18,000-18,100 zone. Currently, the banking and finance majors are leading from the front so their performance would hold importance to surpass that zone ahead. Besides, the scheduled weekly expiry would add to the volatility. Amid all, traders should opt for trailing stop losses for their existing positions and stay put. However, one should wait for some consolidation or a dip for fresh buying in the index. 

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