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Below is the market quote 24 November 2021 By Mr. S Hariharan, Head- Sales Trading, Emkay Global Financial Services

“Overhang from a number of new listings and pipeline of offerings in the coming few weeks has led to broad market weakness in the last 1 week. Banking names are consensus overweight for domestic & foreign institutions and net sell flow has caused these to under-perform the market. As net long positioning in the market has tilted significantly towards Retail segment, potential for further weakness is significant. Futures rollover basis has been cheaper than fair levels, suggesting that longs are reluctant to roll over positions. Consumer staples and Auto sectors appear oversold and positioning tilted towards excessive shorts, while IT, Metals & PSU names are consensus long sectors and may under-perform going ahead.”

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