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Below Quote Daily Market Analysis 16 August 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets showed resilience amid weak global cues and ended marginally in the green. After the initial downtick, Nifty inched gradually higher as the day progressed and pared all the loss to close at 19465 level. Meanwhile, a mixed trend on the sectoral front kept the traders busy wherein realty, auto and pharma attracted buying interest while metal and banking remained subdued. The broader indices too witnessed a similar trend as the smallcap index managed to gain over half a percent while the midcap ended flat.

The recent move shows a tussle around 19,300 in Nifty and feeble global cues might deteriorate the sentiment ahead. In case of a rebound, the 19520-19650 zone would be hard to cross. We thus reiterate our view to keep a check on positions and maintain focus on risk management.

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