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Below Quote Daily Market Analysis 02 August 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets traded under pressure and lost over a percent amid feeble global cues.  After the initial downtick, the Nifty inched gradually lower as the day progressed and slipped below the crucial support of 19,500 as well. However, recovery in the final hour trimmed the losses and it finally settled at 19530 levels.  The decline was widespread wherein metal, auto and energy were among the top losers. The broader indices also felt the heat and shed over a percent each.

Nifty has closed below the crucial support of short term moving average i.e. 20 EMA after five months but respected the trend line around the 19420 zone. We feel it is prudent to reduce aggressive longs and wait for clarity. Traders should keep a close watch on the US markets for cues.

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