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Below the Market Analysis 23 October 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd.

Markets started the week on a feeble note and lost nearly one and a half percent. After the flat start, the Nifty gradually inched lower and settled around the day’s low at 19,281.75 level.  The selling pressure was widespread wherein metal and realty were among the top losers.  However, a sharp cut in the broader indices caught the participants completely off-guard and both midcap and smallcap lost in the range of 2.9%-3.8%.

We feel the prevailing negativity is not going to subside anytime soon citing weak global cues and recent sell-off in the broader indices may further deteriorate the sentiment. On the index front, we are now eyeing 19,200 as the next crucial support.  Amid all, we reiterate our view to limit trades and prefer hedged positions.