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Below the Daily Market Analysis by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

Market showed strength amid mixed cues and gained over half a percent.  After the gap-up start, Nifty inched gradually higher for most of the session however profit taking in the final hour trimmed the gains. Eventually, it settled at 22,159 levels; up by 0.5%. Meanwhile, a mixed trend continued on the sectoral front wherein energy and auto performed well while IT and FMCG closed in the red. The broader indices also witnessed a similar trend wherein smallcap gained over a percent while midcap closed flat.

Nifty has finally surpassed the hurdle of short term moving average i.e. 20 DEMA but we need sustainability above 22,200 to extend the rebound. Also, since the volatility is still high across the board, traders should remain focused on stock selection and risk management. 

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