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Quote on Market 08 July 2022 by Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets extended gains for the third successive session and settled around the day’s high, tracking favorable global cues. After the firm start, the benchmark hovered in a narrow range, taking a breather after the recent surge however buoyancy on the broader front kept the participants busy. Among the benchmark indices, the Nifty index ended up by 0.5% to close at 16,220 levels. The sectoral indices traded mixed wherein FMCG, energy, media witnessed decent traction while metals and realty traded subdued.

Markets will first react to TCS and D-mart numbers in early trades on Monday. Indications are in favor of further rebound in the index with some intermediate pause. The Nifty has the potential to test 16,500 levels and the 15900-16000 zone would act as a cushion, in case of any dip. Apart from the earnings, global cues will remain on the market’s radar. Amid all, we suggest maintaining stock-specific trading approach and focusing more on overnight risk management.

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