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Quote on Market  07 August 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets started the week on a firm note and gained nearly half a percent, in continuation to Friday’s rebound. After the initial uptick, Nifty remained range bound for most of the session however buying in select heavyweights kept the tone positive. Meanwhile, the sectoral indices traded mixed wherein pharma and IT extended their prevailing positivity while metal and banking closed subdued. Amid all, decent performance from the midcap basket assured healthy market breadth.

The resilience in the IT majors combined with noticeable buying in the pharma pack is largely fueling the recovery while others are witnessing a mixed trend. On the benchmark front, Nifty has an immediate hurdle at 19650 and a decisive break could add more legs to the rebound else profit taking would resume so plan your trades accordingly. 

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