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Daily market commentary 21 October 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities opened on a positive note despite weakness in global markets. Nifty remained firm  in the first half of the session. However, last hour profit booking dragged the index down with Nifty closing with marginal gains of 12 points at 17576 levels. Except Banking and Financial, all other sectors ended in red. Markets seems to have entered into consolidation mode around 17,500 zones for the last three days. While we are witnessing strength at lower levels, follow up buying is missing at higher levels. Also investors turned cautious ahead of long weekend due to festive holidays next week. Despite global negatives, Indian sentiments remain positive due to ongoing festive season and healthy earnings announced so far. We expect gradual up-move in the market over the next few days with support base shifting higher. Banking sector is expected to lead the next leg of market rally.

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