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Below Quote Daily Market Analysis 27 September 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets remained volatile for yet another session and ended marginally higher. After the initial downtick, Nifty drifted further lower in early hours but recovery in select heavyweights not only pared losses but also pushed the index in the green. Consequently, Nifty settled around the day’s high at 19716.45 level; up by 0.26%. Meanwhile, a mixed trend continued on the sectoral front wherein pharma, realty and FMCG were among the top gainers. The broader indices outperformed the benchmark and gained in the range of 0.8%-1%.

The impending rebound in select heavyweights like Reliance and ITC largely contributed to the recovery. We are eyeing 19,750 in Nifty as an immediate hurdle and its break may prompt further rebound else profit taking would resume. Amid all, the scheduled monthly expiry of derivative contracts would keep the volatility high so plan your trades accordingly.