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Below Quote Daily Market Analysis 08 May 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking

Markets started the week on a buoyant note and gained nearly a percent. Firm global cues triggered an upbeat start, which further strengthened with buying in select heavyweights as the session progressed.  Consequently, Nifty settled closer to the day’s high at 18,271 levels. Most sectors traded in sync with the move wherein auto, banking and realty ended on strong footing. The broader indices too edged higher and gained nearly a percent each.

Participants are experiencing a roller coaster ride in the index for the last 3 sessions however the overall bullish tone is somehow capping the damage.  We feel traders should continue with a cautious approach until we see some stability for a session or two. Meanwhile, stick with stock-specific trading approach and limit leveraged positions.

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