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Below Quote Daily Market Analysis 20 February 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets started the week on a subdued note and lost over half a percent, in continuation of the recent fall.  After the initial uptick, the Nifty index gradually drifted lower as the day progressed and settled closer to the day’s low.  The continuous pressure in the banking and financials pack combined with a downtick in the energy majors kept the tone negative. Meanwhile, the broader indices traded mixed and ended flat to marginally lower.

The underperformance of the banking and financial majors is largely weighing on sentiment, in absence of any major event. And, indications are pointing towards more pain in banking however resilience in the IT, auto and select FMCG heavyweights may cap the damage. Besides, the upcoming monthly expiry of the February month derivatives contract would further add to the choppiness. On the benchmark front, Nifty has next support at 18700 levels. Participants should align their positions accordingly.  

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