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Below Quote Daily Market Analysis 24 May 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets traded volatile and settled marginally lower, taking a breather after the recent up move. After the initial downtick, the Nifty oscillated in a range and finally settled around the day’s low at 18,285.40 levels. Most sectors traded in sync with the trend and ended lower wherein metal, banking and financials were among the top losers.  Meanwhile, the outperformance continued from the broader front as they managed to end flat to marginally in the green.

With the major earnings behind us, participants are eyeing global markets for cues but they’re not offering any clarity as of now. In between, sectors like banking and financials, which have considerable weight in the index, are largely dominating the move. While the tone is still positive, we feel participants should limit positions and wait for further clarity.

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