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Below Quote Daily Market Analysis 25 January 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets plunged sharply lower on the monthly expiry day and ended with a cut of over a percent. After the flat start, the Nifty index drifted gradually lower in the first half and remained in a narrow band thereafter. It finally settled at 17891.95 levels; down by 1.25%.  Meanwhile, the selling pressure was widespread wherein banking & financials lost maximum closely followed by energy and realty counters.  The broader indices too traded in tandem with the trend and shed in the range of 1%-1.5%.

This decline has again pushed the Nifty index closer to the lower band of the prevailing consolidation range i.e. 17750 levels and indications from the banking pack, which holds considerable weight in the index, are pointing towards more pain ahead. We reiterate our view to prefer hedged positions and suggest adding a few shorts too. 

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