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

Markets took a breather after the recent surge and ended marginally higher. After the initial uptick, the Nifty oscillated in a narrow range and finally settled at 22,402. level.  Meanwhile, a mixed trend on the sectoral front kept the traders occupied wherein metal, realty and pharma posted decent gains while IT and auto closed subdued. The broader indices outshined the benchmark and gained in the range of 0.4%-0.8%.

We may see further consolidation within the 22,300-22,500 zone in Nifty however the volatility may remain high due to the scheduled expiry of April monthly derivatives contracts. Traders should maintain their focus on sectors/themes that are showing consistency in the trend like metal, auto and defense etc and accumulate them on dips.

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