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

Markets showed tremendous resilience amid weak global cues and gained nearly half a percent.  On the benchmark front, Nifty opened gap-down tracking the weak US markets however strong recovery in the select heavyweights not only pared losses but also helped the index to close around the day’s high. Mixed trend continued on the sectoral front wherein energy, metal and auto were among the top performers.  The broader indices also extended rebound and gained in the range of 1.15%-1.65%.

The tussle shows consolidation amid mixed cues and we feel it might continue in the near future.  In case of a further rebound, the 22,000-22,150 zone would continue to act as a hurdle in Nifty. Traders should stay focused on stock selection and refrain from aggressive bets. 

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