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Below Quote Daily Market Analysis 06 October 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets extended rebound and gained nearly half a percent on the weekly expiry day. Firm global cues triggered a gap-up start in Nifty however profit taking in the latter half trimmed the gains. It finally settled at 17,325 levels; up by 0.3%.  Amid all, sectoral packs like metal, IT and realty posted decent gains while defensive viz. FMCG and pharma were on the back foot. The broader indices outperformed the benchmark and gained over a percent each.

Markets are currently rejoicing the recovery in global markets but the task is to hold gains amid mixed cues. On the index front, we expect the Nifty to find support at 17,100 in case of any dip and gradually inch toward the 17,580 zone. Amid all, participants should not go overboard and maintain focus on sector/stock selection. 

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