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Below the Daily Market Analysis 18 December 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

Markets started the week on a muted note and ended marginally lower, taking a breather after the recent surge. After the initial downtick, the Nifty oscillated in a narrow range and finally settled at 21418.65 levels. Meanwhile, a mixed trend across sectors kept the traders occupied wherein pharma and metal performed well while realty, banking and IT witnessed profit taking. We had a similar trend on the broader front too wherein midcap closed flat and smallcap gained over half a percent.

We maintain our bullish view and suggest focusing on buying opportunities amid consolidation.  At the same time, traders shouldn’t get carried away with the prevailing momentum and stick with the fundamentally sound counters. Apart from the preferred set viz. banking and IT, we feel stocks from FMCG, pharma and metal can do well so align trades accordingly.

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