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Quote on Market  04 August 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets witnessed respite after the recent fall and gained over half a percent.  After the gap-up start, Nifty hovered in a band throughout the session and finally settled at 19,518 levels.  Meanwhile, a mixed trend on the sectoral front kept the traders busy wherein IT, pharma and banking posted decent gains. The broader indices too participated in the move and gained nearly a percent each.

Nifty has rebounded after testing the support at 19,300 but failed to reclaim the short-term moving average i.e. 20 EMA. We need sustainability above the same for further recovery else the decline would resume. Though we are seeing a dip in the global indices too, their trend hasn’t reversed yet, which is offering some comfort. Amid mixed signals, we advise staying selective and keeping a check on position size. 

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