Daily Market Analysis : Nifty gradually drifted lower and finally settled closer to the day`s low at 19671.10 levels Says Mr. Ajit Mishra, Religare Broking
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Below the Market Analysis 18 October 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd.
Markets reversed Tuesday’s move and lost over half a percent, in continuation to the prevailing consolidation phase. After the flat start, the Nifty gradually drifted lower and finally settled closer to the day’s low at 19671.10 levels. Most sectors traded in sync with the benchmark and ended lower wherein banking, financials and energy were the top losers. The pressure was visible on the broader front too as both midcap and smallcap index shed in the range of 0.30%-0.95%.
Fresh weakness in banking and financial majors combined with a downtick in other heavyweights like Reliance is pointing towards further slide. On the index front, a decline below 19,600 in Nifty would again turn the bias on the negative side. We suggest maintaining hedged positions and advise keeping a check on position size citing the prevailing choppiness.
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