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Below Quote Daily Market Analysis 18 August 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

It turned out to be a roller coaster ride on Friday as Nifty oscillated on both sides and ended lower. Meanwhile, the majority of sectors felt the heat wherein IT, realty and pharma were among the top losers. The broader indices too traded in sync and lost nearly half a percent each.

Fresh weakness in the US markets is largely weighing on the sentiment however the pace of decline is still capped.  Though we are seeing resilience in select pockets, we feel it is prudent to book some profits off the table and maintain a few shorts also. On the index front, Nifty would face first hurdle around 20 EMA, which currently lies around 19500 levels. And, we are eyeing 19,100 levels to act as the next crucial support.

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