IGI Logo

Below Quote Daily Market Analysis 01 August 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets traded range bound and ended almost unchanged amid mixed cues. Initially, Nifty tried to inch higher in continuation to Monday’s up move but profit taking in select heavyweights capped the upside. It oscillated in a narrow range thereafter and finally settled at 19734.30 levels. In line with the benchmark, the majority of sectors ended flat however continued recovery in IT majors saved the day. Among the broader indices, the smallcap index inched higher and gained over half a percent while the midcap ended flat.

Markets have been maintaining a positive tone amid consolidation, thanks to upbeat global cues and selective buying across sectors.  The existence of multiple supports at 19,500 in Nifty is further adding to the confirmation. We thus reiterate our view to look for buying opportunities on dips and avoid contrarian trades. 

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