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Below Quote on Weekly Market Outlook 01 July 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets finally made a decisive move and reclaimed their record high after seven months.  The tone was positive from the beginning, which further strengthened as the week progressed. Consequently, both benchmark indices, Nifty and Sensex, crossedthe new milestone- 19,000 and 64,000 respectively and settled around the week’s high as well.  In sync with the benchmark, all sectors ended in the green and posted strong gains wherein pharma, auto, IT and financials were among the top performers. The broader indices also inched higher and rose in the range of 2%-3%.

Apart from favorable domestic cues, stability in the US markets has been playing an important role in maintaining buoyancy.  A decisive close above 34,600 in Dow Jones Industrial Average (DJIA) would add more legs to recovery and that could help our markets to witness steady a uptrend.

We recommend maintaining the “buy on dips” approach as we are eyeing the 19,350-19,500 zone in Nifty. In case of any dip, the 18,700-18,900 zone would provide the needed cushion. With the surge in banking  and recovery in IT, all the key sectors are now in sync. Participants should align their positions accordingly and avoid contrarian trades

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