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Below Quote Daily Market Analysis 16 January 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets started the week on a subdued note and lost nearly half a percent amid mixed cues.  The initial gains fizzled out in no time and Nifty traded with a negative bias till the end. Meanwhile, a mixed trend on the sectoral front kept the participants busy wherein PSU banking and IT edged higher while metal and auto settled in the red. The broader indices too traded in line with the benchmark and closed marginally lower.

Markets have been facing selling pressure on the rise, showing uncertainty among the participants despite favorable cues. We feel it’s prudent to limit positions in the prevailing scenario and wait for a decisive breakout from the 17,800-18,100 zone in Nifty. 

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