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Quote on Market 07 July 2022 by Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets extended gains for the second consecutive session and rose nearly one percent. Supportive global cues triggered a gap-up start in the benchmark, followed by range bound move till the end. Meanwhile, all the sectoral indices contributed to the move wherein banking, financials, metals and realty were among the top gainers. On the benchmark front, the Nifty index settled around the day’s high to close at 16,132.9 levels. In line with the trend, the market breadth was also inclined strongly on the advancing side.

The recent uptick in the index has certainly eased some pressure but the key is to sustain amid mixed sentiment. Apart from the global markets, the focus will be on the IT major, TCS results for cues. A decisive close above 16,200 in Nifty can further fuel the recovery. On the downside, the 15,800-15,900 zone would act as a cushion in case of any decline. Amid all, we reiterate our view to focus on sector-specific opportunities but avoid going overboard.

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