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Below the Market Analysis 22 November 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

Markets remained range-bound and settled almost unchanged, in line with the global peers.  After the flat start, the Nifty oscillated in a range and finally settled around the day’s high at 19,812.80 level.  Meanwhile, a mixed trend continued on the sectoral front wherein IT, pharma and auto edged higher while metal, banking and realty ended in the red.  We had a similar trend on the broader front too as midcap closed marginally in the green and smallcap index lost over a percent.

The move in the index was largely in continuation to the prevailing trend wherein weakness in banking continued to weigh on the sentiment and buying in other heavyweights capped the damage. Amid all the choppiness, we reiterate our positive view and suggest preferring sectors other than banking for long trades.

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