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

Markets traded under pressure on the monthly expiry day, losing nearly a percent in line with the prevailing trend. After a flat start, the Nifty gradually declined throughout the day, falling below the crucial support zone of 22,550. However, a recovery in the last half hour reduced some of the losses. All key sectors, except banking, followed this downward trend, with metals, IT, and pharma among the top losers. The broader indices also faced significant pressure, each losing nearly one and a half percent.

The recent decline has disrupted the positive momentum, with Nifty falling below its crucial short-term moving average, the 20 DEMA. A decisive break of the 22,400 level could trigger a further drop to the 22,000-22,150 zone. We suggest aligning trades accordingly and adopting a hedged approach.

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