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Below Quote Daily Market Analysis 21 September 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets extended loss for the second consecutive session and shed over half a percent. After the gap-down opening, Nifty gradually drifted lower as the session progressed and finally settled at 19742.35 levels. Most sectors faced the heat wherein banking and auto were the top losers. The broader indices too traded in sync and lost in the range of 0.8%-1.3%.

Nifty has tested the short-term moving i.e. 20 EMA and also retraced almost fifty percent of the recent up move. It may take a breather now but the upside seems capped citing the underperformance of select heavyweights. We thus recommend staying stock-specific with a focus on risk management.

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