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Below Quote Daily Market Analysis 30 August 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets traded volatile and ended almost unchanged amid mixed cues. After the gap-up start, the Nifty oscillated in a narrow band and selling pressure in the final hours trimmed all the gains. Consequently, it closed around the day’s low at 19,347.45 levels. Meanwhile, a mixed trend continued on the sectoral front wherein metal and realty posted decent gains while energy and banking remained subdued. However, the continued buoyancy on the broader front was the major highlight of the day.

Nifty has failed again to reclaim short term moving average i.e. 20 EMA despite positive global cues and this indicates bears are not in the mood to loosen their grip. We thus reiterate our view to maintain a negative view on the index and stay stock-specific citing the prevailing outperformance of the broader indices.

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