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Below Quote Daily Market Analysis 06 June 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets edged higher after two days of pause and gained nearly half a percent. After the flat start, buying in select heavyweights tried to push the Nifty higher but profit taking at the higher levels capped the momentum. It finally managed to end closer to the day’s high at 19497.30 levels.  Meanwhile, the sectoral trend was mixed wherein realty, energy and auto posted strong gains while IT and FMCG traded subdued.  The broader indices also witnessed decent traction and ended higher in the range of 0.8%-1%.

The broad-based participation combined with favorable global cues would help in keeping the tone positive. We thus reiterate our view to focus more on stock selection and keep trailing stop losses on rise for existing longs. On the index front, Nifty has immediate support at 19,300 now and major at 18,900 levels.

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