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

Markets oscillated in a broader range and finally ended marginally lower, in extension to the prevailing corrective phase.  The benchmark opened higher amid mixed global cues and inflation concerns however a sharp decline, especially in the banking heavyweights, in the last one and a half hours pared all the gains. Nifty finally ended closer to the day’s low at 15,782.15 levels; down by 0.16%. A mixed trend was witnessed on the sectoral front however the broader indices outperformed and ended higher by 0.8% each.

Global headwinds are currently weighing on the sentiment and the domestic factors are also not very encouraging. The fresh selling pressure in the banking pack is further adding to the negativity. We thus reiterate our negative view and suggest continuing with the “sell on the rise” approach. Since most sectors are reeling under pressure, participants should align their positions accordingly and avoid contrarian bets.

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