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

Market traded volatile in a narrow range and finally closed almost unchanged, taking a breather after a recent surge. On the sectoral front, auto, metal and realty were among the top gainers whereas IT and Pharma closed in red. The broader indices continued to outperform for yet another day, wherein Small and Midcap both closed higher by over a percent.

It's a healthy pause around the record high, which may extend for couple of sessions. We needs participation from the heavyweights, especially banking majors to trigger the next leg of upmove in the index. Meanwhile, the buoyancy in the broader market is encouraging but traders should stay selective and maintain a “buy on dips’ approach.

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