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

Markets traded volatile but managed to end higher, tracking favorable global cues. After the initial downtick, Nifty inched gradually higher for most of the session however profit taking in the final hour trimmed the gains. Eventually, it settled at 22096.75; up by 0.39%.  Meanwhile, a majority of sectors ended higher wherein realty, auto and pharma were among the top performers. The broader indices also extended rebound and gained over half a percent each.

Participants are taking comfort from the favorable global cues however Nifty is still facing a hurdle around the short term moving average i.e. 20 DEMA. We reiterate our view to focus on stock selection and trade management until we get some clarity over the next directional move. 

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