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Below the Market Analysis 24 November 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

Markets consolidated in a range for yet another session and ended unchanged.  After the flat start, Nifty oscillated in a narrow band till the end and finally settled at 19794.70 levels. Meanwhile, mixed trends on the sectoral front kept the traders busy wherein pharma, metal and banking ended in the green. The market breadth was also inclined slightly on the advancing side, thanks to action in smallcap space.

It is a healthy consolidation in the Nifty so far and we feel only a decisive gap-up move above 19,850 could pave the way for a new high else range bound bias would continue. Participants should keep a close watch on the US markets and the performance of the banking majors for cues. Meanwhile, stay selective and avoid contrarian trades. 

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