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Below Quote Daily Market Analysis 13 March 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets started the week on a feeble note and lost nearly one and a half percent, in continuation to the prevailing trend.  After the initial uptick, the Nifty index gradually drifted lower as the day progressed and finally settled at 17,154.30 levels. The selling pressure was widespread wherein banking, auto and IT majors were beaten down badly.  The broader indices too plunged sharply lower and lost nearly 2% each.

The move shows that participants are not comfortable, citing the US banking crisis and reducing positions, ignoring the news of the bailout. Banking and financials were acting as saviors earlier but the tone has changed completely now, which is further adding to their worries. We reiterate our negative view and eyeing the 17,000 level as immediate support in Nifty.  Traders should align their positions accordingly.

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