Daily Market Analysis 21 February 2022 By Ajit Mishra, Religare Broking
Below is the Daily Market Analysis 21 February 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets remained volatile in continuation to the trend and lost nearly half a percent. After the weak start, rebound in select banking, IT and auto majors gradually pulled the index higher however resumption of selling pressure in the final hours again trimmed all gains. Finally, the Nifty index ended lower by 0.3% to close at 17,231 levels. Amongst the sectors, IT and banking ended flat whereas oil & gas, metal and capital goods ended with losses. The underperformance continued from the broader front as both midcap and smallcap lost 0.6% and 1.9% respectively.
Markets are in wait and watch mode in line with global peers and closely monitoring the Russia-Ukraine crisis for cues. Meanwhile, the volatile swings in the index combined with the selling in broader markets are making traders’ life difficult. We thus recommend limiting positions and keeping the existing hedged until the markets stabilise.
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