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Below the Market Analysis by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd.

Markets remained volatile on the weekly expiry day and lost nearly half a percent. After the initial downtick, Nifty oscillated in a range i.e. 19495-19625 and finally settled around the 19543.10 levels.  The majority of sectors traded in tandem wherein FMCG, pharma and banking were the top losers. The broader indices too witnessed profit taking and ended in the red.

Nifty has been struggling to hold short-term moving average i.e. 20 EMA, mainly due to the underperformance from the banking pack.  Besides, it is also facing the hurdle of a declining trendline around 19650. Amid all, global cues are still neutral and any deterioration on that front may further add to the pressure. We thus recommend limiting positions and waiting for clarity over the next directional move.   

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