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Below Quote Daily Market Analysis 16 February 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets traded volatile on the weekly expiry day and ended almost unchanged. Upbeat global cues triggered a gap-up start which further strengthened with renewed buying in the IT majors. However, profit taking in the banking,financials and auto heavyweights pared all the gains as the day progressed. Finally, the Nifty index settled at 18035.85 level. Meanwhile, the broader indices outperformed the benchmark index and gained in the range of 0.7%-1%.

The underperformance of banking majors is capping the recovery while IT, energy and auto majors are playing their parts on a rational basis. Amid all, we reiterate our target of 18200 for the Nifty and suggest focusing on buying opportunities on dips.

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