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Below Quote Daily Market Analysis 29 August 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets remained range bound for the second consecutive session and ended almost unchanged.  After the flat start, Nifty traded in a narrow band and finally settled at 19340 levels. A mixed trend on the sectoral front kept the traders occupied wherein realty and metal posted decent gains while FMCG and pharma settled marginally lower. Meanwhile, continued buying in the midcap and smallcap space boosted sentiment.

The recent stability on the global front is prompting this pause but the tone is still negative. And, we need a decisive close above the short term moving average i.e. 20 EMA in Nifty, which currently lies around the 19,430 level, to ease the pressure. Meanwhile, we reiterate our view to stay stock-specific and keep a check on leveraged trades.

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