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Below is quote on Daily Market Analysis by Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets took a breather after Tuesday’s slide and gained nearly a percent amid volatility. The tone was negative at the beginning however rebound in the select heavyweights not only capped the decline but also helped the Nifty to close in the green.  Meanwhile, a mixed trend continued on the sectoral front wherein metal, energy, and IT performed well while banking and realty ended subdued. The broader indices also witnessed some recovery and managed to gain over one and a half percent each.

The banking index tested its long term moving average (200 EMA) on Wednesday so we can’t rule out some consolidation. However, it would be tough for other key sectors to trigger any meaningful recovery in Nifty. We thus feel traders should continue with a stock-specific trading approach and maintain positions on both sides.

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