Weekly Market Analysis : Markets strengthened recovery and gained nearly 2% in the passing week Says Mr. Ajit Mishra, Religare Broking
Below Quote Daily Market Analysis 09 September 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets strengthened recovery and gained nearly 2% in the passing week. The tone was positive from
the beginning and improved further with the noticeable participation from the banking pack in the final
sessions. Consequently, both the benchmark indices, Nifty and Sensex, settled closer to the week’s high
at 19819.90 and 66598.91 respectively. All sectors participated in the move wherein realty, energy and
IT were among the top performers. The broader indices also continued their run and gained in the range
Amid positivity, we are getting mixed signals from the global front. Among the key world indices, the
Dow Jones Industrial Average (DJIA) has been hovering within the 34,000-35,000 levels and needs a
decisive close above the upper band to extend the recovery. In case of a range breakdown, participants
should brace themselves for volatility in our markets too.
With a trend line breakout combined with a decisive close above 19,650, the Nifty index looks set to
inch towards a newer high. It may take a breather around the milestone of “20,000” and then progress
to 20,300 level. On the downside, the 19,500-19,650 zone would offer the cushion, in case of any profit
taking. Since all sectors are contributing to the up move, maintain focus on identifying stocks, that are
showing relatively higher strength and avoid contrarian trades.
Above views are of the author and not of the website kindly read disclaimer
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