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Below Quote Daily Market Analysis 29 September 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets kept the participants on the edge on the monthly derivatives expiry day but finally ended flat. After the gap-up start, the Nifty gradually inched lower as the session progressed and finally settled around the day’s low to close at 16,818.10 levels. While most sectoral indices traded in sync with benchmark and ended flat to marginally lower, continuous buying in defensive viz. pharma and FMCG majors capped the damage.

Markets have been making attempts for a rebound however weak global cues combined with continuous selling from foreign investors are weighing on sentiment.  We feel the overall tone would remain bearish until the Nifty reclaims 17,200. On the downside, a decisive break of 16,800 could further fuel the decline. Participants should align their positions accordingly and maintain positions on both sides.  

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