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Below Quote Daily Market Analysis 12 October 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets rebounded after the recent slide and gained nearly a percent amid mixed cues. After the initial uptick, Nifty drifted lower in the early hours however recovery in select index majors across sectors gradually pushed the index higher as the session progressed.  It finally settled around the day’s high to close at 17,123.6 levels.  On the sectoral front, banking, FMCG and energy were among the top gainers while pharma and metals traded subdued.

We feel it’s just a respite in a corrective phase and the tone would remain negative until Nifty decisively reclaims 17,400 levels. Amid all, the buoyancy in the banking space is capping the damage so far while others are seeing a mixed trend.  We feel it’s prudent to stay light in the prevailing scenario and keep the existing positions hedged.

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