Daily Market Analysis : Markets traded volatile on the weekly expiry day and shed nearly half a percent Says Mr. Ajit Mishra, Religare Broking
Below Quote Daily Market Analysis 15 June 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets traded volatile on the weekly expiry day and shed nearly half a percent. After the flat start, Nifty tried to inch higher but pressure in banking and IT heavyweights pushed the index lower as the day progressed. Consequently, Nifty settled closer to the day’s low at 18688.10 levels. While the majority of the sectoral indices traded in tandem and ended lower, the defensive pack viz. FMCG and pharma managed to end in the green. And, the broader indices too maintained their outperformance and ended flat.
The banking index has finally breached the first line of defense i.e. 20 EMA and that indicates further profit taking ahead. However, resilience in other sectors like auto, FMCG, realty and energy may cap the damage. Besides, the performance of the global indices, especially the US markets, will also be in focus for cues. Amid all, we suggest keeping a check on positions amid mixed signals and waiting for clarity.
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