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Below is the Daily Market Commentary 17 January 2022 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services

Domestic indices opened lower after taking cues from its mixed Asian peers. However, Nifty took support at lower levels and closed the day with gains of 52 points at 18,308 levels. Broader market too ended in green with nifty midcap 100 up 0.2% and nifty smallcap 100 up 0.6%. Except pharma, IT and bank all other sectorial indices ended in the green with auto and realty gaining 1-2%.

U.S. markets remain closed today for Martin Luther King Jr. Day. European markets were positive while Asian markets were mixed. Chinese data released showed that its economy grew by 8.1% in 2021, while Industrial output grew a little above forecasts at 4.0% in the fourth quarter. China's central bank also surprised by cutting some key lending rates by a sizable 10 basis points.

Markets have recovered from its low and it is sustaining well above 18k mark over last couple of days. Q3 result season has started on a good note with several heavy weights reporting in-line to better-than-expected numbers. Nifty is trending upwards while Bank Nifty is witnessing some consolidation and a pause in its momentum. Traders are advised to apply buy on decline strategy and be with stock specific ideas. From a near term perspective, we expect stock specific action in selected auto, tech , chemicals and fertilizer stocks.

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