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Below Quote Daily Market Analysis 04 July 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets consolidated in a range and ended with modest gains, taking a breather after the recent surge.  After the initial uptick, Nifty oscillated in a band throughout the session and finally settled at 19389 levels.  Meanwhile, a mixed trend on the sectoral front kept the traders busy wherein IT and financials posted decent gains. After the weeks of outperformance, we are seeing some consolidation in midcap and smallcap space too.

The rotational buying across sectors is helping the index to maintain a positive tone despite the overbought condition. And, we feel the scenario would continue, citing the prevailing structure and favorable global cues. Having said that, traders should not get carried away with prevailing buoyancy and stick only with the quality stocks and avoid penny stocks or laggards, in anticipation of a recovery.

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