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Quote on Morning Market 08 January 2024 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

"The 197 point decline in Nifty yesterday despite marginal buying by both FIIs and DIIs indicates strong build up of short positions in the market. Long positions are steadily declining and short positions are building up. This short build up is on bearish expectations that the present high valuations are difficult to sustain and some triggers may lead to sharp corrections.
This expectation need not be realised since global cues have again turned positive on a rally in the  US market. Domestic cues are looking good. Buy on dips strategy may work again leading to some short covering.
Strong JLR numbers from Tata Motors and the attractive buy back offer from Bajaj Auto will give support to the Nifty Auto Index. The real estate segment is doing well and the margin expansion happening in the industry bodes well for the sector. But the good news is in the price."

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