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Below Quote Daily Market Analysis 30 June 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets extended the momentum on Friday and gained over a percent, in continuation of the trend. After the initial uptick, Nifty gradually inched higher as the day progressed and finally settled around the day’s high at 19189.05 levels. All sectors, barring metals, participated in the surge wherein recovery in the IT majors combined with continued buoyancy in banking, financial and auto heavyweights played a crucial role. The broader indices also followed suit and gained nearly half a percent each.

Participants are taking comfort from stability in global markets amid mixed cues and we expect the prevailing tone to continue. We are now eyeing the 19350+ zone in Nifty. Since all sectors are now contributing to the move, the focus should be on stock selection and the same holds for the midcap and smallcap pack as well. 

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