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Quote on Market  03 August 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets extended the decline on the weekly expiry day and lost over half a percent. After the flat start, Nifty traded in a narrow range but selling pressure in heavyweights pushed the index gradually lower. However, a rebound in the final hour, similar to Wednesday’s session, trimmed losses and it finally closed at 19,381.65 levels. Most sectors traded in sync and ended lower wherein realty, banking and financials were among the top losers. On the other hand, the broader indices witnessed some respite and ended flat.

The recent drift in the global indices is putting pressure now and we expect the negative tone to continue. On the index front, the breakdown of the trend line support further added to the negativity but the existence of support at 19300 capped the downside.  We reiterate our view to keep a check on positions and focus more on risk management. 

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