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Below Quote Daily Market Analysis 22 June 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets witnessed a roller-coaster ride on the weekly expiry day and settled marginally in the red.  After the flat start, Nifty tried crossing the record high again but profit taking in heavyweights across sectors gradually pushed the index lower. It attempted to recoup losses in the middle but in vain. Finally, it closed at 18771.25 levels; down by 0.45%. Most sectors traded in sync with the index and drifted lower wherein energy, realty and IT were among the top losers. The broader indices too inched lower and shed in the range of 0.7%-1.1%.

We’re seeing profit taking at higher levels due to feeble global cues but the tone is still positive. The real challenge is to handle positions amid choppiness. We thus suggest keeping a check on trades and advise preferring hedged bets until the market clears the air over the next directional move. 

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