Daily Market Analysis : Nifty has finally crossed the immediate hurdle of short-term moving average (20 EMA) and we expect Nifty to test 19,800 Says Mr. Ajit Mishra, Religare Broking
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Below the Market Analysis 10 October 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd.
Markets rebounded sharply after Monday’s slide and gained nearly a percent amid mixed cues. After the gap-up start, Nifty inched gradually higher as the session progressed and finally settled around the day’s high at 19689.85 levels. The majority of sectors participated in the move wherein realty, metal and financials were among the top gainers. And, rebound in the broader indices further added to the positivity.
Nifty has finally crossed the immediate hurdle of short-term moving average (20 EMA) and we expect Nifty to test 19,800. However, the sustainability of the move would depend upon the performance of the heavyweights, especially from the banking and IT pack. Meanwhile, mixed global cues could keep the volatility high. Amid all, traders should avoid aggressive trades and prefer a hedged approach.
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