Daily Market Analysis : It finally settled around the day`s low to close at 19265.80 levels Says Mr. Ajit Mishra, Religare Broking
Below Quote Daily Market Analysis 25 August 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets traded under pressure and lost over half a percent, in continuation of Thursday’s decline. Initially, Nifty opened gap-down and remained range bound till the end. It finally settled around the day’s low to close at 19265.80 levels. All sectors traded in sync with the benchmark wherein realty, metal and pharma were the top losers. And, we saw profit taking in the broader indices too.
Nifty has breached the crucial support of short term moving average i.e. 50 EMA on Friday, which indicates the tone to remain negative. We are eyeing 19,100 as the next support. However, a mixed trend on the sectoral front would continue to offer trading opportunities on both sides so plan your trades accordingly.
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