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Below Quote Daily Market Analysis 23 August 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets traded volatile and ended marginally in the green, in the absence of any major trigger. The beginning was subdued but recovery in the middle helped the Nifty to retest hurdle at 20 EMA around 19,470. But, it couldn’t surpass that resistance and eventually closed at 19,444; up by 0.25%. On the sectoral front, a strong rebound in the banking and financial majors kept the tone positive while the majority traded flat to negative. Meanwhile, the broader indices extended their prevailing tone and edged higher.

Interestingly, both Nifty and the banking index, have reached their immediate hurdle of short term moving average i.e. 20 EMA together. Their alignment and a decisive breakout above the hurdle would help in extending the recovery else the tone may again turn dull. Amid all, we reiterate our view on maintaining focus on stock selection.

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