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Below Quote Daily Market Analysis 16 November 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets drifted lower and lost over half a percent, in continuation of yesterday’s fall. After the initial downtick, the Nifty index hovered in a range but selling pressure resumed in the latter half which pushed the index below 18,300 levels.  The decline was widespread as all the sectors ended lower wherein realty, pharma and IT were among the top losers. The broader indices too shed in the range of 0.6%-1.5%.

Weak global cues are weighing on the sentiment and indications are in the favour of further decline. Nifty has breached crucial support at 18,300 and now the next support comes at the 18,000 zone. In absence of any major event, global cues will continue to dictate the trend. Meanwhile, traders should align their positions as per the market trend and avoid making aggressive bets.

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