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

Markets started the week on a positive note and gained over half a percent, tracking supportive global cues.  After the flat beginning, the Nifty inched gradually higher and finally settled around the day’s high at 19,753.80 levels. Most sectors traded in tandem and ended higher wherein metal, energy and IT were among the top gainers.  Meanwhile, the continued outperformance of the broader indices helped the market breadth to end strongly on the advancing side.

This rebound is largely on the expected lines but we need sustainability above 19,850 in Nifty to resume the uptrend. We are seeing leading sectors like banking, auto and FMCG taking a breather while others are catching up now. Participants should plan their positions accordingly and look for stocks offering favorable risk to reward.

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