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Below Quote Daily Market Analysis 27 February 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets started the week on a feeble note and lost nearly half a percent, in continuation to the prevailing corrective phase. After the initial downtick, Nifty breached the budget day low i.e. 17353 levels and oscillated in a narrow band thereafter. Meanwhile, pressure in the IT, metal and auto majors kept the tone negative however resilience in the banking pack capped the damage. And, a fresh fall in the broader indices further deteriorated the sentiment.

The pressure in banking and financial majors was weighing on the sentiment during the initial phase of correction and now it’s cascading to the other sectors as well. Besides, the fall in the US markets is adding to the pessimism. Amid all, we feel it’s prudent to wait for a rebound for creating fresh shorts citing oversold positions and some resilience in select private banking names. 

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