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At a time when the market is witnessing strong moves, with bouts of consolidation, IL&FS sees sideways movements for the near term.
Highlighting that in the current situation, macros are positive and could be better post good monsoon, that it was legitimate for the market to assume that these will translate into higher earnings growth.
Having said that strong resistance at 9650-9700 as a strong resistance point for the Nifty. A crossover from this point could take the index to 10000. But, in the near term, there could be a correction, but not a deep one.
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