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Below the Quote on Market Analysis by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd

Market started the week on a strong note and gained nearly a percent, in continuation of the prevailing trend.  Favorable global cues combined with noticeable traction in banking majors aided a positive start, which further strengthened as the day progressed. However, a mixed trend on the sectoral front kept the momentum in check wherein realty, IT and auto traded subdued.  The broader indices maintained their positive tone and ended with modest gains.

The fresh buoyancy in the banking index has paved the way for a new high in the Nifty index while others may continue to offer support on a rotational basis. We thus reiterate our view to continue with a “buy on dips” approach and focus on stock selection.

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