Daily Market Analysis : Markets oscillated in a range and ended almost unchanged, taking a breather after the recent bounce Says Mr. Ajit Mishra, Religare Broking
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Below the Market Analysis 12 October 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd.
Markets oscillated in a range and ended almost unchanged, taking a breather after the recent bounce. After the flat start, Nifty hovered in a narrow band till the end and finally settled at 19794 levels. On the sectoral front, auto, metal and energy packs traded upbeat however decline in the IT majors toned down the positivity. The broader indices too traded mixed wherein smallcap index managed to gain over half a percent.
We reiterate our mildly bullish view on the index and suggest continuing with a “buy on dips” approach till Nifty holds 19,500. However, traders should maintain extra caution on stock selection as volatility remains high during the earnings season. Besides, mixed global cues could also add to the choppiness.
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