Daily Market Analysis : Markets resumed a negative tone after the recent breather and lost nearly a percent on the monthly expiry day Says Mr. Ajit Mishra, Religare Broking
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Below the Market Analysis 28 Sepetember 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd.
Markets resumed a negative tone after the recent breather and lost nearly a percent on the monthly expiry day. After the flat start, Nifty gradually inched lower as the session progressed and finally settled at 19523.55 levels. The decline was widespread on the sectoral front wherein IT and FMCG were among the top losers. The broader indices also felt the heat wherein midcap shed over a percent and smallcap closed marginally in the red.
The prevailing weakness in heavyweights across sectors combined with feeble global cues is weighing on the sentiment. After the failed attempt to reclaim 19750, we expect Nifty to inch further lower and test 19400 however the major support is at 19200. Participants should align their trades accordingly and focus more on risk management.
Above views are of the author and not of the website kindly read disclaimer
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