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

Markets traded volatile on the weekly expiry day and ended in the red. After the initial gap-up opening, Nifty extended gains in early trades but selling pressure in heavyweights pushed the index lower as the day progressed. Eventually, it settled around the day’s low at 19386.70 level; down by 0.3%. Most sectors were aligned to the trend wherein energy and pharma were the top losers. Amid all, the broader indices traded mixed wherein the midcap index closed higher while the smallcap index ended marginally lower after making a new record high.

The move indicates that bears are not in the mood to lose their control and tone may deteriorate again on the break of 50 EMA i.e. around 19285. We have been maintaining a view stance to focus on stock selection amid choppiness and it is working well so far. Traders should avoid aggressive positions and prefer hedged trades until we see some clarity over the next directional move.

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