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

Markets started the September series with a strong rebound and gained nearly a percent. After the positive start, Nifty traded from strength to strength and settled around the day’s high to close at 19,453.30 levels. Most sectors contributed to the move wherein metal and energy gained maximum.  The market breadth also ended strongly on the advancing side, thanks to continued buying in midcap and smallcap space.

We are seeing a tussle around the short-term moving averages (20 EMA and 50 EMA) and need a decisive close above 19,500 in Nifty to prompt further recovery. On the sectoral front, auto, IT and metal look promising while defensive viz. FMCG and pharma may continue to witness a subdued trend. Traders should align their positions accordingly and prefer stocks that are attracting consistent buying. 

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