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Below Quote Daily Market Analysis 16 June 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets surged strongly on Friday and inched closer to the record high, tracking firm global cues. After the firm start, the Nifty index hovered in a narrow band in the first half however a sharp surge in the latter half helped the index to test 18,864.70 but it finally settled at 18,826 levels. Recovery in banking and financials combined with buying in FMCG, pharma and energy majors largely aided the rebound. Besides, the continued buying in midcap and smallcap space further added to the positivity.

The buoyancy in the global markets, especially the US, is helping the index to maintain a bullish tone amid mixed domestic cues. We reiterate our positive view but suggest limiting positions citing intermediate choppiness.  Instead of waiting for a new high in the index, we feel participants should maintain their focus on identifying stock-specific trading opportunities.

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