IGI Logo

Below is the Daily Market Analysis 24 June 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets edged higher for the second consecutive session, driven by firm global cues. After the gap up opening, the benchmark remained in a range and finally settled around the upper band of the same. Healthy rebound financials, metals and PSU banks aided sentiments. Consequently, the Nifty ended higher by 0.9% at 15,699 levels. The broader markets outperformed and ended higher in the range of 1.4-1.6%. Barring IT, all the other sectoral indices ended in the green.

Markets are witnessing consolidation after the sharp decline and awaiting some fresh triggers.  Since we don’t have any major domestic events, global updates viz. market performance, crude movement and easing of the geopolitical situation will remain on the participants’ radar. We like auto, FMCG and pharma for long trades while metals and PSU banks may continue to underperform. We recommend maintaining  sector/stock-specific approach and aligning the positions accordingly.

Above views are of the author and not of the website kindly read disclaimer