Daily Market Analysis 11 May 2022 By Mr. Ajit Mishra, Religare Broking
Below is the Daily Market Analysis 11 May 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets lost nearly half a percent in a volatile trading session, in continuation of the ongoing corrective trend. After the flat start, the benchmark inched gradually lower however a sharp recovery in the index majors, especially banking heavyweights, pared the losses in the latter half. Eventually, the Nifty settled at 16,167.10; down by 0.5%. On the sector front, IT, auto and FMCG were laggards while metals financials and realty ended in green. The broader markets too ended lower in the range of 0.6%-2.9%.
Participants are closely eyeing the US inflation data for cues and we’ll see the reaction in early trades on Thursday. Though the Nifty index has rebounded after penetrating the crucial support zone of 16,000 for a brief, we believe banking holds the key to further rebound. Keeping all in mind, we recommend keeping a cautious stance and suggest preferring hedged positions.
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