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Quote on Morning market 31 October  2022 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

"Technically the market is poised to continue the ongoing rally aided by support from the mother market US where the Dow’s 828 point point rally last Friday recorded fourth straight week of gains. The driving force behind the ongoing rally is the strength of the US economy which is indicating a lower probability of an immediate US recession and, more importantly, indications that inflation is plateauing and might show a declining trend soon. This might enable the FED to slightly moderate their hawkish stance. Already central banks of Canada and Australia have hiked rates below expectations. If this trend spreads, that will favour continuation of the rally in the short-term. The fact that FPIs have turned buyers during the last 2 days is another positive. However, DIIs might sell at higher levels since valuations are high."

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