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Below the Market Analysis 29 Sepetember 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd.

Markets made a recovery attempt after Thursday’s fall and managed to close half a percent higher. The tone was positive for most of the session however dip in the final hour trimmed the gains. Consequently, Nifty settled at 19638.30 levels; up by 0.59%. Among the key sectors, pharma and metal were in the limelight while IT traded subdued.  Besides, the buoyancy on the broader front kept the traders busy.

Though the pace of decline has softened, the tone is still negative and we don’t see that change until Nifty decisively reclaims 19750. Meanwhile, a mixed trend on the sectoral front is offering opportunities on both sides so traders should continue with stock-specific trading approach. 

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