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Below is the Daily Market Analysis 09 May  2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets started the week on a feeble note and lost over half a percent, in continuation of the prevailing corrective phase. Weak global cues triggered a gap down start, followed by volatile swings till the end. Finally, the Nifty ended at 16,310 levels, down by 0.6%. Meanwhile, buying in select sectors such as IT, pharma and financials supported the benchmark to cap the downside while media, energy and PSU banks remained under pressure. The broader indices, midcap and smallcap, underperformed the benchmark and ended lower in the range of 1.7-2%.

We’re not seeing any respite in the global markets, especially the US, and we’re largely reflecting the same trend at our end too. Besides, mixed Q4 earnings are further adding to the negativity. We reiterate our view to focus on shorting opportunities on the rise until we see some sign of reversal. On the index front, support is intact at 16,000 in Nifty and the 16,550-16,650 zone would act as immediate hurdle. 

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