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Below Quote Daily Market Analysis 24 July 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets traded volatile in a narrow band and lost nearly half a percent, in continuation of Friday’s decline.  After the flat start, the Nifty index oscillated in a range and finally settled around the day’s low to close at 19,672.35 levels.  Most sectors traded in sync with the move and drifted lower wherein FMCG, metal and energy were among the top losers.  Meanwhile, the broader indices showed resilience and ended almost flat to marginally higher.

It is a healthy correction as it would help in easing the overbought condition and we expect Nifty to respect the 19300-19500 zone during this phase. Traders should focus on managing their existing trades and accumulating quality stocks on dips. We feel the performance of the banking pack would play a critical role ahead. 

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