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

Markets traded in a narrow range and ended almost unchanged, in continuation of prevailing consolidation phase. Meanwhile, a mixed trend on the sectoral front kept the traders busy wherein realty and FMCG edged higher while pressure in IT and banks capped upside. The broader indices too witnessed a similar trend as midcap gained nearly half a percent but smallcap closed flat.

The recent dip in the market indicates a healthy correction citing the pace of decline and intermediate buying across sectors. And, Nifty has almost reached closer to the upper band of 19300-19500 support zone, offering opportunity for fresh positional longs in the index. However, we feel it would be prudent to use options spreads to start with and wait for a reversal signal.

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