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Quote on Market  27 August 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets ended with modest gains on the expiry day of October month derivatives contracts amid mixed cues.  After the initial uptick, the Nifty index oscillated in a range and finally settled closer to the upper band of the day’s range at 17,736.95 levels. Meanwhile, sectoral indices also traded mixed wherein buoyancy in realty, metal and oil&gas kept the traders busy while the IT pack was on the back foot.  The broader indices too traded in sync with the trend and gained nearly half a percent each.

The consolidation in Nifty is on the expected lines and we recommend focusing more on the sector/stock selection for now. Apart from banking, sectors like auto and selectively pharma, realty and metal are likely to do well in near future. Participants should align their positions accordingly.

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