Daily Market Analysis : Market ended a 2-week long consolidation phase on Friday and gained over a percent Says Mr. Ajit Mishra, Religare Broking
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Below Quote Daily Market Analysis 12 January 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Market ended a 2-week long consolidation phase on Friday and gained over a percent. Buoyancy in the IT heavyweights triggered a firm start, which further strengthened with buying in heavyweights across sectors. Consequently, the Nifty index settled around the day’s high at 21,894.55; up by 1.14%. Apart from the IT pack, realty and PSU also posted decent gains while auto and pharma traded subdued. Amid all, the broader indices underperformed the benchmark but still managed to end with modest gains.
We are now eyeing 22,150 in Nifty however selective participation from banking could keep the momentum in check. We suggest focusing on other key sectors and using any pause or dip to accumulate quality names. Needless to say, the volatility would remain high due to earnings and mixed global cues so plan the overnight trades accordingly.
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