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Below is the Daily Market Analysis 16 May  2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets traded volatile in a narrow band and finally settled marginally higher. Initially, the benchmark opened with an uptick, taking cues from the global counterparts however pressure in the IT majors and select heavyweights from other sectors capped the upside. Sectoral indices traded mixed wherein defensive traded subdued. Meanwhile, the broader indices, midcap and smallcap, outperformed and kept the participants busy till the end. 

Since markets are closely following global cues, the rebound in the US market is giving hope for some respite on the domestic front as well. However, we recommend participants to continue with a cautious stance until we see some sign of reversal in the Nifty index. Meanwhile, sectors are offering trading opportunities on both sides so the focus should be more on stock selection and risk management.

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