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Below Quote Daily Market Analysis 21 August 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets started the week with an uptick and gained nearly half a percent.  After the initial choppiness, Nifty maintained a positive tone for most of the session however profit taking in the end trimmed some gains. Eventually, it settled at 19383.60 levels; up by 0.43%.  Meanwhile, the tone was mixed on the sectoral front wherein the metal and IT posted decent gains while auto and banking traded dull.  The broader indices also participated in the move as both midcap and smallcap rose in the range of 0.6%-0.9%.  

Participants shouldn’t read much into intermediate rebound or a pause until Nifty decisively reclaims 19650 levels or forms a reversal pattern.  And, we recommend continuing with stock-specific trading approach and maintaining a focus on risk management. 

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