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Quote on Market  08 August 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets started the week on a buoyant note and gained over half a percent. After the flat start, healthy buying in key sectors like banking, IT and auto aided a steady rise in the benchmark. Consequently, the Nifty ended around the day’s high to close at 17,525 levels. The broader indices also closed with modest gains.          

Nifty has decisively surpassed the hurdle at 17,400, and we’re now eyeing 17,800. Apart from the performance of world markets, the last leg of the earnings season coupled with key domestic data like IIP, CPI and WPI would remain on the participants’ radar for cues. We reiterate our preference for top-performing sectors like banking, financials, auto, FMCG and selectively from the IT pack for fresh longs.

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