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Below Quote Daily Market Analysis 07 February 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets traded volatile for yet another session and shed nearly half a percent.  After the flat start, the Nifty index traded with a negative tone in the first half however rebound in select index majors in the latter half trimmed some losses. Consequently, it ended at 17,721.50 levels; down by 0.24%. Among the sectoral pack, profit taking in the FMCG and auto majors was weighing on the sentiment while buying in select heavyweights in banking and financials capped the fall. Meanwhile, the broader indices also edged lower wherein smallcap index lost over half a percent.

Markets have been facing pressure on every uptick however buying in select index majors is capping the damage so far. Participants are closely eyeing the outcome of the RBI meet for cues however indications are pointing toward prevailing choppiness to continue until Nifty decisively breaks the range of 17,550-17,900 levels. We thus recommend restricting trades and maintaining positions on both sides.

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