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Below Quote Daily Market Analysis 01 March 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets started the March month on a positive note and gained nearly a percent, taking a breather after the recent fall.  After the initial uptick, the Nifty index traded in a narrow range for most of the session but buying in select heavyweights kept the tone positive. On the sectoral front, recovery in the IT and metal pack combined with continued resilience in banking played a crucial role. Besides, recovery on the broader front further added to the buoyancy.

We expect the rebound to extend further but the existence of a hurdle around 17,600 in Nifty might cap the upside.  We reiterate our view to focus on identifying trading opportunities based on sectoral trends while keeping a check on leveraged trades. In absence of any major domestic event, global cues would continue to induce volatility in between.

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