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Below Quote Daily Market Analysis 04 September 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets extended rebound amid volatility and gained nearly half a percent. After the initial uptick, Nifty oscillated in a range and finally settled around the day’s high at 19,534 levels. All key sectors contributed to the move wherein metal, IT and energy were among the top gainers. Meanwhile, the market breadth was inclined strongly on the advancing side, thanks to the upbeat tone in midcap and smallcap pack.

Indications are favorable for further rebound as Nifty has surpassed a trend line resistance while holding the support zone of short-term average i.e. 20 EMA. However, a hurdle of around 19,650 may cap the upside and prompt some profit taking too. Amid all, we reiterate our view to focus on stock selection and preferring auto, IT and metal for long trades. 

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