Daily Market Analysis : Markets ended almost unchanged in a volatile trading session Says Mr. Ajit Mishra, Religare Broking
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Below Quote Daily Market Analysis 24 January 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets ended almost unchanged in a volatile trading session, in continuation to the prevailing consolidation phase. After the initial uptick, the Nifty index gradually drifted lower as the session progressed however buying in the select heavyweights capped the downside. Meanwhile, sectoral indices traded mixed wherein auto and IT managed to post decent gains while realty, metal and pharma lost nearly a percent each. The broader indices continued their underperformance and that resulted in weak market breadth.
The lack of sustainability in the index at higher levels is largely reflecting misalignment among the key sectors and restricted participation. Besides, mixed global cues and earnings are further adding to the volatility. And, we expect the choppiness to continue, thanks to the scheduled expiry of January month derivative contracts. Meanwhile, traders should limit their leveraged positions and wait for clarity.
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