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

Markets remained volatile and ended almost unchanged amid mixed cues.  After the flat start, Nifty drifted lower as the day progressed however a sharp recovery in the last half an hour trimmed all the losses. Eventually, Nifty settled closer to the day’s high at 18,599 levels.  On the sectoral front, auto, realty and pharma were the top contributors while IT traded under pressure.  Among the broader pack, the smallcap index managed to gain nearly half a percent while the midcap ended almost unchanged.

The buoyancy in select sectors is helping the index to hold strong despite mixed global cues and the underperformance of the banking pack. We feel it is prudent to remain focused on identifying buying opportunities from the performing sectors viz. auto, FMCG, realty etc amid consolidation. A decisive break above 18,700 would fuel the next leg of up move towards the record high. 

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