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Below Quote Daily Market Analysis 02 January 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets started the week with an uptick and gained nearly one and a half percent, tracking upbeat global cues.  After the gap-up opening, the Nifty index maintained a positive tone for most of the session and finally settled at 18,101.20 levels.  The surprise recovery in the IT majors, ahead of the TCS numbers, contributed significantly to the rebound. Besides, a surge in energy, metal, auto and banking majors further added to the positivity. The broader indices too ended higher and gained in the range of 0.5%-0.8%.

Markets will react to the TCS numbers in the early trade. Besides, the performance of the global indices will also be in focus. On the index front, a decisive close above 18260 levels in Nifty may result in further recovery else the decline would resume. Meanwhile, we recommend continuing with stock-specific trading approach with a focus on risk management. 

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