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

Markets surged strongly and gained nearly a percent, tracking favorable global cues. After the gap-up start, Nifty oscillated in a narrow range till the end and finally settled at 22,011.95 level.  All the key sectors participated in the move wherein realty and metal were among the top gainers.  The broader indices also made a strong comeback and gained ~2.5% each.

The buoyancy in the US markets is not only helping the index to cap the damage and also triggering a rebound in between. On the benchmark front, Nifty tested the immediate hurdle of short term moving average i.e. 20 EMA today but it couldn’t surpass it. We may see some consolidation now and need sustainability above 22,200 to mark any meaningful recovery. Meanwhile, Participants should stay stock-specific until we see clarity over the next directional move and stick with the index majors and large midcaps.

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