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Below Quote Daily Market Analysis 11 July 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets edged higher in a volatile session, in continuation to the prevailing consolidation tone. The first half was upbeat however Nifty failed to surpass the immediate hurdle at the record high and witnessed profit taking in the latter half. Finally, it settled at 19439.40; up by 0.43%. Most sectors contributed to the move wherein auto, FMCG and pharma were among the top gainers. Meanwhile, the broader indices outperformed and gained nearly a percent each.

The pressure in the banking pack is capping the upside while others are trying their best to push the markets higher. Though it may further delay the resumption of the trend, the tone is likely to remain positive. Besides, we are closely eyeing the US markets for cues and their sustained recovery could trigger the next leg of up move. Meanwhile, we reiterate our view to focus on stock selection and utilizing this phase to gradually accumulate them on dips.

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