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Below Quote Daily Market Analysis 26 December 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets started the week on a strong note and gained over a percent, taking a breather after the recent slide.  After the initial uptick, the Nifty index gradually inched higher as the day progressed however some profit taking in the last half an hour trimmed some gains. Eventually, it settled at 18,014 levels; up by 1.17%. Most of the sectoral indices participated in the recovery wherein realty, banking, metal and energy packs posted decent gains. The broader indices too rebounded swiftly and gained in the range of 2.8%-4%.

Participants shouldn’t read much into a single day rebound and wait for the sustainability of the move. We have the next hurdle around the 18,150-18,200 zone in Nifty so we recommend utilising further recovery to reduce positions. In absence of any major event, the upcoming expiry of December month derivatives contracts will keep the traders busy. 

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