IGI Logo

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

Markets traded dull in a narrow range and ended marginally in the green, in continuation of the rebound of the previous session. After the flat start, the Nifty index hovered in a narrow range for most of the session and finally settled at 17,662.15 levels. Meanwhile, a mixed trend on the sectoral front kept the participants busy wherein buoyancy in the auto pack combined with a recovery in select banking, metal and energy majors helped the index to maintain a positive tone. Besides, the rebound in the broader indices aided market breadth to end strongly on the advancing side.

Now all eyes are on the Union Budget and we expect volatility to remain high on Wednesday. The last two days of pause in the index indicate a breather after the breakdown but the overall tone is still bearish. We feel a further rebound towards the 17,750-17,850 zone would continue to attract selling pressure while the 17,250-17400 zone may provide the needed cushion in case of any decline. Meanwhile, participants should stay light and let the event unfold for further clarity.

Above views are of the author and not of the website kindly read disclaimer