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Below Quote Daily Market Analysis 09 January 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets witnessed a roller coaster ride on Tuesday and ended almost flat, in continuation to prevailing consolidation phase. Firm global cues triggered a gag-up start in Nifty, which further strengthened with renewed buying in select heavyweights however a sharp cut in latter half trimmed the gains. Eventually, it settled at 21544.85; up by 0.15%. Among the key sectoral indices, realty, auto and pharma posted decent gains while media, banking and financials ended lower. Meanwhile, the boarder indices also traded volatile and closed with modest gains.

The rebound attempt in Nifty shows that bulls are not in mood to loosen their grip easily and supportive global cues could prompt next leg of up move. Meanwhile, participants should limit  trades and prefer hedged bets.

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