Daily Market Analysis : Markets extended its decline and lost over half a percent amid mixed signals Says Mr. Ajit Mishra, Religare Broking
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Below the Market Analysis 25 October 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd
Markets extended its decline and lost over half a percent amid mixed signals. After the flat start, Nifty gradually drifted lower and breached crucial support at 19,200 to finally settle at 19,150.35 levels. Most sectors traded in sync wherein realty, financials and IT were the top losers. The broader indices too remained under pressure and lost nearly half a percent each.
Nifty has breached the lower band i.e. 19,200 of the broadening formation and now the next crucial support comes at 200 EMA, which currently lies around 18,830 levels. And, it also coincides with the neckline (breakout) area of the previous consolidation range. Meanwhile, global cues and the scheduled expiry of October month derivatives contracts would add to the choppiness. Traders should align their positions accordingly and prefer index majors over others.
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