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

Markets settled higher in a volatile trading session, in continuation of the prevailing trend. Initially, weakness in the Asian markets was weighing on the sentiment however gradual recovery in select heavyweights not only pared all the losses but also pushed the index higher. Consequently, Nifty settled around the day’s high at 18,816.70 levels. Among the sectoral pack, financials, IT and auto posted decent gains while defensive viz. pharma and FMCG traded subdued. Amid all, the broader indices managed to gain nearly half a percent each.

Nifty has respected the trend line support around 18,660 levels and witnessed a steady rebound. This move shows that bulls are in control and the tone would remain positive till it holds 18,550. Traders should align their positions accordingly but suggest keeping a check on the size of positions citing intermediate choppiness. 

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