Daily Market Analysis : After the flat start, the Nifty oscillated in a narrow range and finally settled at 19964.70 levels Says Mr. Ajit Mishra, Religare Broking
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Below the Market Analysis 26 Sepetember 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd.
Markets traded dull and ended unchanged amid mixed cues. After the flat start, the Nifty oscillated in a narrow range and finally settled at 19964.70 levels. Meanwhile, a mixed trend on the sectoral front kept the participants busy wherein FMCG and auto posted modest gains. The broader indices too showed a similar trend wherein midcap closed flat while smallcap rose nearly half a percent.
The marginal rebound on the global front combined with oversold positions is capping the downside however the tone is still bearish. A decisive move above 19750, which coincides with 20 EMA, may prompt some recovery. Amid all, we reiterate our view to stay stock-specific and avoid aggressive positions.
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