Daily Market Analysis 03 June 2022 By Mr. Ajit Mishra, Religare Broking
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Below is the Daily Market Analysis 03 June 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets settled marginally lower in a volatile trading session amid mixed cues. Firm global cues triggered a gap-up start however profit taking in the index majors from across sectors dragged the indices lower. Consequently, the Nifty index ended with losses of 0.3% to close at 16,584.30 levels. All the sectoral indices, barring IT, ended lower wherein realty, banks, and auto were the top losers.
The recovery in the global indices combined with bargain hunting on the domestic front has helped the index to witness a rebound recently. However, this move lacks decisiveness due to lingering issues like inflation, geopolitical tension, etc. We recommend booking profit on the rise citing a strong hurdle at 16,900 in Nifty and waiting for further clarity. Stocks, on the other hand, are offering opportunities on both sides so traders should align their positions accordingly. Going ahead, apart from the global cues, the upcoming RBI monetary policy meet and monsoon progress will be in the focus for cues.
Above views are of the author and not of the website kindly read disclaimer
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