IGI Logo

Below Quote Daily Market Analysis 12 July 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets remained volatile for yet another session and settled lower, in continuation to the prevailing consolidation phase.  After the initial uptick, Nifty hovered in a narrow range for most of the session however a sharp dip in the last hour pushed the index in the red.  Consequently, it settled closer to the day’s low at 19378 levels.  The tone was subdued on the sectoral front however positivity on the broader front kept the traders busy.

Indications are in favor of further consolidation in the index so participants have no option but to focus on stock-specific opportunities. The recent surge in the US markets is encouraging but we need sustainability of the move. Meanwhile, Nifty has been hovering within the 19300-19550 zone and either side break would offer cues over the next directional move. 

Above views are of the author and not of the website kindly read disclaimer