Market Analysis - Markets traded volatile for yet another session and lost nearly half a percent By Mr. Ajit Mishra, Religare Broking Ltd
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Below is the Daily Market Analysis 29 June 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets traded volatile for yet another session and lost nearly half a percent. Weak global cues were weighing on the sentiment in early trade which triggered a gap-down start however buying in select index majors trimmed the losses as the day progressed. Finally, the Nifty index ended lower by 0.4% to close at the 15,799 level. The trend was mixed on the sectoral front wherein banking, IT and consumer durables ended with losses whereas oil & gas, realty and auto closed in the green. The broader indices too traded under pressure and lost over half a percent each.
Markets will react to the US GDP data in early trades and then the focus would shift to the monthly derivatives expiry. While the Nifty has been hovering around its crucial hurdle of 15,900, the recent decline in the banking index is pointing towards more pain ahead. Participants should maintain caution and focus more on overnight risk management.
Above views are of the author and not of the website kindly read disclaimer
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