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Below is the Daily Market Analysis 13 January 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets consolidated in a narrow range and settled marginally higher, taking a breather after the recent surge. Initially, the upbeat start of the IT majors triggered a firm opening however profit taking in the banking space trimmed the gains in no time. The benchmark continued to trade lacklustre thereafter however movement in the metal and pharma space kept the traders’ busy. Consequently, the Nifty index ended at 18,257 levels; up by 0.25%. Amid all, the broader indices outperformed wherein both midcap and smallcap gained nearly 0.6% each.

The not so decisive move in the index combined with a dip in the banking space is pointing towards some consolidation. And, we feel it would be healthy, considering the surge from the December lows. However, there’ll be no shortage of trading opportunities, thanks to rotational buying across sectors. Participants should focus on metal and pharma along with select counters from chemical, sugar and power space for long positions.   

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