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Below is Quote on Market Wrap Up 18 July 2023 By Mr. Rajesh Bhosale, Technical Analyst at Angel One Ltd

                       Nifty continues with its winning streak amidst choppy intraday moves

In the morning, Asian cues showed a mixed picture for trading. Nevertheless, the benchmark index Nifty started the day with a strong gap-up opening. However, there was no significant follow-up movement as prices fluctuated within a 100-point range, eventually closing below the opening level with nominal gains of 0.20%, just below 19750.

After experiencing two strong days, today it served as a breather for the bulls, as key indices lacked substantial traction in either direction. Traders preferred to focus on stock-specific opportunities, but the market breadth also showed a mild negative bias, indicating a highly selective trading environment. Considering the overall bullish sentiment, coupled with overbought conditions, similar subdued trading days might persist. In this scenario, the recommended approach would be to concentrate on intraday dips and be a miser about locking in small profits at higher levels. Immediate support is seen in the zone of 19680 – 19600, with stronger support expected around 19500. On the upside, the immediate hurdle lies in the range of 19850 – 19900, before Nifty reaches the much-anticipated 20000 mark. It's advisable to adopt a stock-centric approach, but caution and selectiveness are crucial when making trading decisions.

Regarding the sectors, there were no clear winners that emerged on the day. However, with the ongoing result season, some individual themes may emerge, leading to outperformance during the day. Traders should remain vigilant in identifying such opportunities and capitalize on them accordingly.

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