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Below Quote Daily Market Analysis 30 September 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets oscillated in a broader range in the passing week and settled almost unchanged, taking a breather after the recent fall. Though benchmark indices made multiple attempts for recovery, weak global cues combined with pressure in the select heavyweights continued to weigh on the sentiment and capped the move. Meanwhile, a mixed trend on the sectoral front kept the traders busy wherein realty and pharma edged higher while IT and auto ended in the red. And, the outperformance by the broader indices also eased some pressure.

We are largely trading in sync with our global counterparts and expect the pressure to extend citing their prevailing structure. Among the key markets, The US benchmark, the Dow Jones Industrial Average (DJIA), is trading well below its long term moving average(200 EMA) and a break below 33,200 could further deteriorate the condition.

Nifty made multiple attempts to cross the hurdle of short term moving average i.e. 20 EMA last week but couldn’t succeed. Going ahead, the tone would remain bearish until it crosses 19,750 and expect 19,200-19,450 zone to be tested soon. On the flip side, a decisive break above that mark may fuel recovery to 19,850-20,000. Amdi all, mixed trends across sectors and buoyancy on the broader front are offering trading opportunities on both sides so participants should continue with stock-specific approach, with focus on risk management

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