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Below the Market Analysis 20 November 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

Markets started the week on a subdued note and closed almost unchanged.  After the flat start, Nifty oscillated in a narrow range and finally settled at 19,694 levels. Meanwhile, a mixed trend was witnessed on the sectoral front wherein IT posted decent gains while auto and metal ended in the red. The broader indices also witnessed some consolidation and closed on a flat note.

We are seeing a time-wise correction in Nifty so far despite the underperformance of the banking pack. Besides, the pause in the US markets is also capping the move. Amid all, we reiterate our bullish view on the index and suggest continuing with the “buy on dips” approach.  Traders should stick with the other performing sectors and utilise this phase to gradually add quality names.

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