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

Markets traded volatile for yet another session and gained nearly half a percent. After the initial uptick, Nifty slipped sharply lower in the early hours however strength in heavyweights, especially from banking and IT majors, helped the index to recoup losses and inch higher. Eventually, Nifty settled at 22,514.65 level; up by 0.4%. Meanwhile, a mixed trend continued on the sectoral front wherein FMCG and energy closed in the red.  The buoyancy continued on the broader front wherein smallcap gained nearly half a percent.

We expect the prevailing tone to continue however the pace of advance would largely depend upon the performance of banking and IT majors. Participants should continue with the “buy on dips” approach and focus more on stock selection. 

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