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Below Quote Daily Market Analysis 14 August 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets started the week on a volatile note and ended almost unchanged.  After the initial fall,  Nifty recovered gradually as the day progressed and finally settled at 19426.30 levels. Meanwhile, a mixed trend was witnessed on the sectoral front wherein IT, FMCG and media edged higher while metal, realty and financials ended in the red.

Nifty respected the support zone of the short term moving average i.e. 50 EMA, after penetrating the previous swing low at 19,300 levels. Despite the corrective tone, we have been seeing resilience in select heavyweights, which is not only keeping a check on the pace of decline and also triggering recovery in between. We feel it is prudent to stay focused on trade management amid mixed signals and wait for clarity. 

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