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Below Quote Daily Market Analysis 02 January 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets traded volatile for yet another session and lost nearly half a percent, in continuation to the prevailing consolidation phase.  The beginning was subdued and pressure in the banking, auto and IT majors was weighing on the sentiment however resilience in the pharma and energy majors capped the damage. Eventually, the Nifty index ended with a modest cut to close at 21,665.80 level.  The broader indices also witnessed a choppy trend and finally closed with a marginal cut.

The underperformance of the banking majors is largely weighing on the sentiment amid consolidation and a decisive close above 21,800 in Nifty would prompt the next leg of the up move. Meanwhile, we feel it is prudent to prefer defensive viz. FMCG, pharma and stay selective in others.

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