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Below is the Daily Market Analysis 02 June 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets managed to gain over half a percent on the weekly expiry session amid mixed cues. After the tepid start, healthy buying in select index majors pushed the benchmark higher and helped it to settle around the day’s high. Amongst the sectors, Auto and Capital Goods ended with losses whereas Oil & Gas, IT and Metal ended with healthy gains. The broader indices traded in sync with the benchmark and gained over half a percent each.

While the global markets are still pointing towards mixed signals, selective buying in index majors across sectors is helping the index to inch higher. A decisive break above 16,700 in Nifty would fuel fresh momentum towards 16,900. We maintain our positive bias and recommend focusing on sectors/themes which are gaining traction. At the same time, participants shouldn’t go overboard and maintain strict risk management in place.

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