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Below Quote Daily Market Analysis 28 August 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets started the week on a volatile note and settled with modest gains.  After the initial uptick, Nifty inched gradually higher but profit-taking in the final hours trimmed the gains. Consequently, it settled at 19306 levels; up by 0.20%. We saw a mixed trend on the sectoral front wherein realty and pharma posted decent gains while IT and FMCG closed in the red. Meanwhile, buoyancy on the broader front helped the market breadth to stay on the advancing side.

We feel it is a breather after the recent fall and traders should continue with negative bias in the index.  At the same time, a mixed trend on the sectoral front would continue to offer opportunities on both sides so participants should focus on stock selection and maintain a hedged approach. 

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