Daily Market Analysis 23 June 2022 By Mr. Ajit Mishra, Religare Broking
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Below is the Daily Market Analysis 23 June 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets witnessed a roller-coaster ride on the weekly expiry day but finally ended with gains of nearly one percent. The trend across global markets was mixed after the Fed chairman suggested an increase in interest rates in the coming time to fight inflation. Back home, the benchmark started marginally in green and oscillated in a broader range till the end. Amid all, healthy buying in auto, IT, realty and pharma counters kept the participants busy. Finally, the Nifty ended higher by 1% to close at 15,560 levels. The broader markets too ended in the green in the range of 1.1%-1.3%.
Markets are largely dancing to the global tunes in the absence of any major domestic event and we expect the same trend to continue. We reiterate our cautious view and suggest focusing more on stock selection and risk management. Among the sectors, auto, FMCG and select IT looks upbeat for further up move while metals, energy and PSU banking may continue to trade lackluster. Traders should align their positions accordingly.
Above views are of the author and not of the website kindly read disclaimer
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