Daily Market Analysis : Markets extended fall and lost half a percent amid volatility Says Mr. Ajit Mishra, Religare Broking
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Below is quote on Daily Market Analysis by Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets extended fall and lost half a percent amid volatility. After the gap-down opening, Nifty tried to pare losses but continued fall in HDFC Bank and fresh decline in select heavyweights capped the recovery. Meanwhile, energy, banking and metal were among the top losers on the sectoral front while pharma and realty showed some strength. The broader indices also managed to end unchanged after a volatile swing.
Nifty couldn’t defend the short term moving average i.e. 20 EMA on the expected lines and came closer to the next crucial support of 21,200 level. Indications are now in favor of some consolidation after the recent fall and any rebound to 21,700-21,850 would attract fresh shorts. We thus reiterate our view to reduce positions on the rise and wait for some stability in the trend.
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