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Below Quote Daily Market Analysis 31 March 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets ended the last session of the financial year on a high note, tracking firm global markets and supportive local cues. After the gap-up start, Nifty extended the positive tone as the session progressed and finally settled at 17,359.75 levels; up by 1.63%. All sectors contributed to the move wherein energy, IT and banking deserve special mention. In line with the trend, the market breadth was also inclined strongly on the advancing side.

Markets are taking comfort from stability in the global markets and we expect the positive tone to continue. On the index front, Nifty has finally ended a 2-week long consolidation phase (16,800-17,200) and it might take a breather around 17,400 before marching towards 17,600 levels. Amid all positivity, participants shouldn’t go overboard and maintain their focus on stock selection.

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