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Below Quote Daily Market Analysis 20 July 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets edged higher on the weekly expiry day and gained over half a percent.  After the initial dip, Nifty traded volatile in the early hours but noticeable buying in select heavyweights pushed the index closer to the new milestone of 20,000 and it eventually settled at 19,979.15 levels. Most sectors traded in tandem with the trend wherein FMCG, pharma and banking were among the top gainers. The broader indices too followed suit and ended with modest gains.

We may see some consolidation in the following session citing the psychological hurdle of a new milestone and overbought positions. However, rotational buying across sectors would keep the tone positive. Participants should align their positions accordingly and look for buying opportunities on dips.

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