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Below the Quote on Daily Market Analysis by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd

"The market extended its decline for another session, losing nearly 1%, primarily driven by weak global cues. The Nifty opened with a downside gap, testing the support zone near the previous swing low of 23,850 in early trades. It then moved in a narrow range throughout the session before closing at 23,941 on the weekly expiry day. The selling pressure was broad-based, with recent outperformers like IT, banking, and financials among the top losers. However, the broader indices showed relative resilience, ending with a smaller decline of 0.3%-0.5%. 

Profit-taking is evident in previously strong sectors like banking and IT, as other sectors remain significantly beaten down. The next key support lies at the 200-day exponential moving average (DEMA) around the 23,700 level. A break below this could lead to further downside for the index.  Despite the weakness, oversold conditions and resilience in select pockets present buying opportunities. Traders are advised to align their positions carefully, with an emphasis on prudent stock selection."

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