The Nifty 50 is likely to be rangebound with resistance at 23,100-23,200 and support at 22,800 in the coming sessions, while volatility is expected to be elevated ahead of the Lok Sabha election results.
Nearly 35% of the group's valuation is attributed to UltraTech, which has a market capitalization of Rs 2.95 lakh crore, making it the third most valuable cement company globally.
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The 23,000 level is expected to play a key role in the Nifty s further direction, and sustaining this level can take the index towards the upper band of the Rising Channel (i.e., 23,100-23,200), followed by 23,500, with support at 22,800.
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