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

Markets traded volatile and settled marginally higher, taking a breather after two days of advance.  Initially, the tone was positive, thanks to upbeat global cues however profit taking profit taking at higher levels trimmed the gains. Consequently, Nifty closed at 19,749.25 levels; up by 0.19%.  Meanwhile, the tone was mixed on the sectoral front wherein IT and energy ended higher while realty and metal lost nearly a percent each.  The broader indices also witnessed some profit taking and ended lower.

We expect Nifty to hold the 19,300-19,500 zone now so traders should utilize intermediate pause or a dip to create longs. Besides, we have reached a critical level in the US markets and a fresh break may add more legs to the prevailing up move.

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