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Below Quote Daily Market Analysis 27 December 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets gained over half a percent in a range bound session, tracking firm global cues.  After the initial uptick, the Nifty surrendered all the gains in no time however buying in select index majors pushed the index to the day’s high again as the day progressed. Consequently, it settled at 18,123 levels; up by 0.6%. Most sectors participated in the move wherein metal outshined the others as it gained over 4%. Besides, further recovery in the broader indices eased the pressure.

Recovery in the global indices, especially in the US, is offering the respite in absence of any major domestic trigger. The recent buoyancy in the banking pack combined with a recovery in the select index majors is encouraging however Nifty has multiple hurdles to cross before resuming the uptrend. We thus reiterate our view to focus on stock-specific opportunities and maintaining positions on both sides. 

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