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

It turned out to be a positive week for markets amid the consolidation, thanks to upbeat global cues and
rotational buying across sectors. After a flattish start, the benchmarks oscillated in the narrow range for
most of the week but a strong close in the final session aided the index to end higher. Consequently, the
benchmark indices, Nifty and Sensex, managed to gain over a percent each to close at 19564.50 and
66,060.90 levels respectively. A sharp surge in the IT pack was the key highlight on the sectoral front and
metal, realty and pharma also posted decent gains however underperformance of the banking majors
capped the upside. Meanwhile, buying continued in the midcap and smallcap space and both indices
edged higher in the range of 1.25%-1.85%.

We believe the performance of the banking and IT pack would largely dictate the trend. A decisive close
above 31,600 in the Nifty IT index and sustainability above 44,500 in the Nifty Bank would further fuel
the momentum. Needless to say, the positive tone of the US market is also helping in keeping the
upward bias and a breakout above 34,600 in the Dow Jones Industrial Average (DJIA) will further boost
the sentiment.

As Nify has ended a week-long consolidation phase, it now looks set to test 19,750 and eventually march
toward a new milestone of 20,000. In case of a decline, 19,100-19,3000 would provide the cushion.
Participants should align their positions accordingly while maintaining their focus on stock selection and
risk management.

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