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Below Quote Daily Market Analysis 20 September 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets traded under pressure and lost over a percent, after the days of steady rise. The tone was negative from the beginning citing a sharp cut in the select heavyweights like HDFC Bank and Reliance which further cascades to others. Consequently, Nifty settled closer to the day’s low at 19,897 levels. The decline was widespread wherein metal, financials and banking were badly hit. Meanwhile, the tone was mixed on the broader front as midcap managed to end flat while smallcap lost nearly a percent.  

It is a normal retracement so far and we expect the 19,600-19,750 zone to provide a cushion in case the fall continues. However, the focus should be on risk management citing the possibility of a rise in volatility during this phase. Also, traders may consider adding a few shorts as a hedge to their existing longs.

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