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Below is the Daily Market Analysis 08 November 2021 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets started the week with modest gains amid volatility and settled around the day’s high as well. After the initial uptick, the benchmark slipped sharply lower however gradual recovery in select index majors changed the mood as the day progressed. A mixed trend was witnessed on the sectoral front however noticeable traction on the broader front kept the participants busy till the end. Finally, the Nifty index settled around 18,083; up by 0.9%.

The recent buoyancy in the global markets has relieved the participants amid mixed domestic cues however it’s too early to call it a trend reversal. As the festive season is behind us, focus will shift back to earnings announcements. Besides, domestic macro data outcome (IIP & CPI) and global cues will be closely tracked. Nifty should make a decisive move above 18,100 to resume the trend else consolidation/profit taking would resume. Meanwhile, we recommend continuing with a stock-specific trading approach and focusing on the themes/sectors which are seeing noticeable buying interest.

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