Market Quote : Markets hovered in a range and ended almost unchanged Says Mr. Ajit Mishra, Religare Broking Ltd
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Quote on Market 02 August 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets hovered in a range and ended almost unchanged, taking a breather after the recent surge. After the flat start, the benchmark traded in a narrow band till the end. Finally, the Nifty index settled at 17,345 levels, after testing the resistance zone around 17,400 levels. Meanwhile, buying in sectors such as PSU banking, FMCG and auto and traction on the broader front kept the participants occupied.
We may see further consolidation in the index, to digest the recent gains. Meanwhile, choppiness would remain high due to the upcoming RBI policy meet outcome and prevailing earnings season. On the index front, a decisive close above 17,400 would help the index inch towards 17,800 levels. In case of any profit-taking, the 16,800-17,000 zone would act as a cushion. Participants should continue with the “buy on dips” approach.
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