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Daily Market Analysis : The broader indices too extended their up move and gained in the range of 0.5%-0.8% Says Mr. Ajit Mishra, Religare Broking
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Below the Market Analysis 11 October 2023 by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd.
Markets edged higher and gained over half a percent, in continuation to Tuesday’s rebound. After the gap-up start, Nifty hovered in a narrow band and finally settled at 19,807 levels. Among the key sectoral indices, auto, FMCG and energy posted decent gains while profit taking in the IT pack capped the upside. The broader indices too extended their up move and gained in the range of 0.5%-0.8%.
The recent stability on the global front has prompted this rebound and indications are in the favor of the prevailing tone to continue. Traders should look for buying opportunities on dips but maintain focus on risk management, citing a rise in volatility due to the earnings announcements.
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