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

Markets resumed a corrective tone after the recent breather and lost over a percent. After the gap-down opening, Nifty inched gradually lower as the day progressed and finally settled at 21,817.45 levels. All the key sectors settled in the red wherein IT, pharma and FMCG were among the top losers. The broader indices also felt the heat and lost over a percent each.

Nifty has slipped below the crucial support zone of the previous swing low i.e. 21,850 level and we are now eyeing 21,500. Traders should continue with the “sell on rise” approach but avoid aggressive trades citing the upcoming outcome of the US Fed meet.

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