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

Market traded volatile for yet another session and ended on a flat note, tracking mixed cues.  Weak global markets triggered a gap-down start however buying in select heavyweights pared losses in no time. Consequently, Nifty retested yesterday’s high also but failed to surpass the same and eventually closed at 22,434.65 levels. Meanwhile, the sectoral indices also traded mixed wherein IT and financial services edged higher while realty and FMCG closed in the red. Interestingly, the broader indices managed to continue their outperformance and gained in the range of 0.5%-1.2%.

The prevailing resilience in the index amid weak global cues shows that bulls are in control and we expect the tone to strengthen above 22,550 levels in Nifty. Traders should align their positions accordingly, with a focus on stock selection.

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