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Quote on Morning Market 21 December 2022 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

"The 185 pull back from the lows in Nifty yesterday is confirmation of the success of the strategy of buy on dips. Institutional buying - by both FIIs and DIIs - can trigger short covering in an oversold market. This might have contributed to the pull back yesterday. The near-term market construct is not favourable for equities. The rising Covid cases in the US, Korea, Brazil, and China is an area of concern. The situation is dire in China. This might impact market sentiments. Moreover, there are no near-term triggers to take the market higher. The next round of triggers will come only in January, starting with the Infy and HCL Tech results starting on 12th Jan. Even in a weak market leading private sector banks and Reliance are likely to remain strong."

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