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

Markets started the week on a positive note, rising over half a percent despite mixed signals. The session opened weak on disappointing GDP data but saw a recovery as select heavyweight stocks across sectors gained momentum, fueled by hopes of RBI measures to support the economy in its upcoming meeting. As a result, Nifty closed near the day’s high at 24,276.05 level. Realty, pharma, and metal sectors led the gains, while broader indices outperformed with gains exceeding 1%.

The index’s resilience amid weak macro data is promising, signaling potential for further recovery. A decisive break above 24,350 could pave the way for levels beyond 24,700. While contributions are coming from various sectors, IT and banking are likely to remain key drivers, warranting close monitoring. A selective approach focusing on fundamentally strong stocks is recommended for broader indices.

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