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Below Quote Daily Market Analysis 07 September 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets extended recovery on the weekly expiry day and gained over half a percent.  The tone was range bound in the first half however a sharp surge in the select heavyweights turned the bias in favor of bulls as the day progressed. Eventually, it settled around the day’s high at 19727.05 levels; up by 0.59%. Among the key sectoral indices, realty, banking and energy were on the forefront while defensive viz. FMCG and pharma ended dull. The broader indices also contributed to the move and gained over half a percent each.

Nifty has finally crossed the hurdle at 19,650 and the alignment of the banking pack has further strengthened the tone. We expect the index to inch towards the new milestone of “20,000” now. Traders should align their positions accordingly and maintain a balanced approach as broader indices look stretched.

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