Daily Market Analysis : Markets took a breather after two days of advance and ended marginally lower Says Mr. Ajit Mishra, Religare Broking
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Below the Market Analysis 17 November 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd
Markets took a breather after two days of advance and ended marginally lower. After the initial downtick, Nifty hovered in a narrow band for most of the session and finally settled at 19731.80 levels. Meanwhile, mixed trends on the sectoral front kept the traders busy wherein pharma, FMCG and auto posted decent gains while banking and energy were on the back foot. Interestingly, the broader indices managed to extend their prevailing tone and ended flat.
The underperformance of the banking pack has started weighing on the sentiment again however buoyancy in other sectors is capping the damage. Going ahead, the performance of the global markets, especially the US, will remain in focus for cues. We suggest continuing with positive bias until Nifty breaches 19,450 and prefer sectors other than banking and financials for long trades.
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