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

Markets traded lackluster and ended marginally in the red, in absence of any major trigger.  Initially, the Nifty index opened with an uptick but the gains fizzled out in no time and it remained range bound thereafter.  A mixed trend was witnessed on the sectoral front wherein realty, IT and auto continue to reel under pressure while resilience in select banking and financial majors capped the damage. Amid all, the broader indices remained under pressure and lost in the range of 0.4%-0.9%.

We expect volatility to remain high due to the scheduled expiry of March month derivatives contracts. On the index front, participants have been trying to defend 16,900 in Nifty for the last three sessions and its breakdown may trigger a sharp reaction on the downside. Needless to say, the recent sell-off in the broader indices may deteriorate further. We thus reiterate our view to limit trade and maintain positions on both sides.

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