Weekly Market Analysis : Markets witnessed a decline in the passing week and lost over two and a half percent Says Mr. Ajit Mishra, Religare Broking
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Below Quote Daily Market Analysis 23 September 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets witnessed a decline in the passing week and lost over two and a half percent. The tone was negative from the beginning and that further deteriorated with sharp cuts in the select index majors. Feeble global cues added to the negativity as the week progressed. Consequently, the benchmark indices, Nifty and Sensex, settled around the week’s low to close at 19,674.25 and 66,609.10 levels. All sectors ended in the red wherein realty, banking and metal were among the top losers. The broader indices traded in sync and lost in the range of 1.7%-2.5%.
We were managing to outperformance global markets amid mixed cues but the recent fall in the US indices has started showing its impact now. The Dow Jones Industrial Average (DJIA) has slipped below the trendline support and now inching towards the long term moving average around 33,900 levels. A decisive break could trigger the next leg of down move to the 33,200 level.
Nifty mostly had time-wise corrections in recent months but it has retraced half of the up move i.e. 19,200-20,200+ this time. Besides, it has also slipped below the short term moving average (20 EMA) and holding below the same. It may result in possible consolidation in the index with the bias on the negative side. We expect Nifty to hold the 19,200-19,550 zone while the 19,900-20,100 zone would attract selling. Meanwhile, since we are still seeing select packs showing resilience,participants should maintain stock-specific approach and maintain positions on both sides.
Above views are of the author and not of the website kindly read disclaimer
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