IGI Logo

Quote on Weekly Market Outlook 03 September 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets consolidated further and ended almost unchanged amid volatility, in continuation of the prevailing corrective phase. After the sharp fall in the first session, the benchmark not only recovered losses in the following days but also managed to hold at higher levels despite weak global sentiment. Finally, the benchmark indices, Nifty and Sensex, settled at 17,539.4 and 58,803.3 levels respectively. Meanwhile, a mixed trend on the sectoral front and buoyancy in the broader markets kept the participants busy. 

In absence of any major event, participants will be eyeing global markets for cues. Besides, the trend of foreign flows will be on their radar. 

Markets have been showing tremendous resilience amid tough global conditions however it would be hard to hold if the situation deteriorates further. We’re eyeing 17,000 as a major support in Nifty while 17,800 would continue to act as a hurdle. Banking and financial pack have played a critical role in capping the damage so far and their performance would remain the key ahead also as heavyweights like Reliance and IT majors are not showing any sign of respite. We thus recommend restricting positions to select sectors and stocks which are outperforming the benchmark.

Above views are of the author and not of the website kindly read disclaimer