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Below Quote Daily Market Analysis 05 January 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets traded volatile on the weekly expiry day and ended marginally in the red. After the flat start, the Nifty slipped below the crucial support of 18000 levels and inched gradually lower as the day progressed. However, a marginal rebound in the final hour trimmed losses and it finally settled at 17,992.15 levels.  Meanwhile, a mixed trend was witnessed on the sectoral front wherein pressure in banking and IT majors weighing on sentiment and recovery in FMCG, Auto and metal counters capped the damage. The broader indices outperformed the benchmark and ended flat to marginally in the green.

Markets have been drifting lower amid mixed signals from the global front however the pace of decline is gradual, thanks to rotational buying in select index majors from across sectors.  Technically, Nifty has retested the crucial support of medium term moving average i.e. 100 EMA on the daily chart and indications are pointing toward the negative bias to continue. Amid all, we recommend continuing with stock-specific approach while keeping a check on the position size.  

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