Weekly Note : Markets settled almost unchanged in a volatile week, tracking mixed cues Says Mr. Ajit Mishra, Religare Broking
Below is on Weekly Note 03 June 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets settled almost unchanged in a volatile week, tracking mixed cues. Initially, the tone was positive however uncertainty on the global front trimmed the gains as the week progressed. Among the key sectors, energy, banking and IT traded under pressure however buoyancy in auto, FMCG and realty majors capped the damage. Finally, the benchmark indices, Nifty and Sensex, closed flat at 18,534.10 and 62,547.10 respectively. Amid all, continued buying on the broader front kept the traders busy as both midcap and smallcap indices gained in the range of 1.6%-3.1%.
The coming week is going to be an eventful one as we have MPC’s monetary policy meet outcome scheduled on June 8. Before that, on the macroeconomic front, the OPEC+ meeting on June 4 and S&P Global Services PMI on June 5 will also be on participants’ radar for cues.
Markets have been outperforming the majority of their global peers in recent weeks however further deterioration of the trend, especially in the US markets, might change the mood. At the same time, the lack of decisiveness in the banking pack around its record high is hurting the sentiment and its performance would play a critical role in the coming week. Having said that, we reiterate our positive view and suggest focusing on sectors /stocks, which are holding well. On the index front, we expect Nifty to hold the 18,100-18,300 zone in case of any dip while a decisive close above 18,700 would pave the way for a new high.
Above views are of the author and not of the website kindly read disclaimer
