Daily Markets Wrap - July 18, 2023 - HDFC Securities

Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty made yet another all time high on July 18 amidst some intra day volatility. At close, Nifty was up 0.19% or 37.8 points at 19749.3. Volumes on the NSE were above recent average. Broad market indices ended marginally in the negative even as the advance decline ratio fell to 0.69:1.

Most Asian markets fell Tuesday as further weakness in China's economy drove worries about the effects on global growth, overshadowing optimism that the United States is winning its battle against inflation and could avoid a recession. European markets were however marginally higher.

Nifty closed lower the opening levels, suggesting some intra day profit taking. It formed a high wave type pattern after a rise, hinting at some consolidation. 19819-19612 could be the trading range for the Nifty in the near term.

Source : Equity Bulls

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