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Below the Market Analysis 06 December 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

Markets extended gains for the seventh session in a row and rose nearly half a percent.  After the initial uptick, Nifty hovered in a range till the end and finally settled around the upper band of the same at 20,937.65 level.  A mixed trend continued on the sectoral front wherein IT, energy and FMCG attracted noticeable buying.  The broader indices traded largely in sync with the move and gained nearly half a percent each.

Noticeable traction in the key sectors is fuelling momentum in the index however we can’t ignore the possibility of some consolidation now.  Traders should maintain their focus on stock selection as we are seeing a catch-up move in the sectors and stocks that were on the sidelines in recent months. Also, avoid contrarian bets in anticipation of a major decline.

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