Daily Market Analysis : Nifty oscillated sharply on both sides and finally settled marginally lower at 19,624 level - Says Mr. Ajit Mishra, Religare Broking
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Below the Market Analysis 19 October 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd.
It turned out to be a roller coaster ride for participants on the weekly expiry day as Nifty oscillated sharply on both sides and finally settled marginally lower at 19,624 level. Meanwhile, mixed trend on the sectoral front kept the traders occupied wherein auto & FMCG edged higher while metal and energy traded under pressure. The broader indices too witnessed a muted session and ended almost unchanged.
The recent price action in index shows indecision amid mixed cues. And, earnings has cascaded the choppiness on sectoral front too, making stock selection difficult for the traders. We thus suggest limiting aggressive positions and preferring hedged trades until we see some clarity over next directional move.
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