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Below Quote Daily Market Analysis 11 January 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets traded volatile in a narrow range and ended almost unchanged, taking a breather after Tuesday’s decline.  After the initial downtick, the Nifty oscillated in a range till the end and settled at 17895.70 levels. Meanwhile, most sectoral indices traded in line with the benchmark and closed marginally lower however rebound in banking and metal majors capped the damage.

Participants are having a tough time dealing with prevailing volatility amid the corrective phase and we do not expect any relief soon, citing the upcoming events & ongoing earnings season.  We thus reiterate our view to limit positions and prefer hedged trades. Investors, on the other hand, should see this decline as a buying opportunity and gradually accumulate quality stocks on dips.   

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