Daily Market Analysis 12 May 2022 By Mr. Ajit Mishra, Religare Broking
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Below is the Daily Market Analysis 12 May 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets plunged sharply lower and lost over 2%, pressurised by weak global cues. The US inflation data, which came in closer to 4-decade high, dented sentiment across the globe including India. The benchmark opened a gap down and gradually drifted lower as the day progressed. Finally, the Nifty index ended at 15,808; down by 2.2%. The selling pressure was widespread and all the sectoral indices ended lower. The broader indices too lost nearly 2% each.
Markets would first react to the macro-economic date outcome (IIP and CPI) in early trade on Friday. This data is critical ahead of the next MPC meet, which is scheduled in June. Besides, the performance of the global markets will also be in focus. We recommend maintaining a bearish stance in Nifty until it crosses the 16,100 zones decisively. On the downside, a breakdown below 15,650 would pave the way for 15,400. Participants should align positions according to the trend and focus more on position management.
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