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

Markets continued to scale higher for the fifth consecutive session and witnessed a record closing at 22122.25 gaining nearly 0.32 percent. After an initial decline, the market rebounded sharply from the lower levels and printed a record high of 22184.20.Meanwhile, on the sectoral front PSU Bank and CNX IT witnessed profit booking wherein Pharma, FMCG and Oil and Gas sector remained top gainers. The broader indices traded insync with the benchmark index gaining nearly 0.4 percent.

Nifty has managed to surpass the hurdle of 22150, but failed to close above the same. For index to continue its upward momentum, it would be crucial for the private banking majors to participate and contribute to the move. We maintain our view to stay focused on stock selection and refrain from aggressive bets until Nifty decisively close above 22150.

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