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Below is the Daily Market Analysis 05 July 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

It was a roller-coaster ride for markets as the Nifty swung volatile in a broader range and finally settled around the day’s low. Initially, supportive Asian cues triggered a firm start which was further boosted by healthy buying in banking majors and a rebound in metals, energy and pharma pack. However, the tone changed completely in the second half and the index surrendered all its gains. Eventually, the Nifty index ended in the red to settle at 15,810 levels. In line with the benchmark, the broader indices ended with a marginal cut in the end.

The sharp decline in the index can be attributed to the uncertain global markets and caution ahead of the earnings season. On the index front, the Nifty should hold decisively above 15,900 to inch towards 16,200 while a decline below 15,600 would again put the bears back in the game. Having said that, we maintain our bullish view on auto, FMCG, select pharma and realty counters and suggest utilizing dips to look for buying opportunities in these spaces.

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