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“IT tailwinds will continue to play out in 2022 and in Q1, IT could be a place to hide. We could see more outperformance in a very short term. It is a story which I do not think is going away.”

Tuesday is likely to see the levels of 17,650 and 17,745 levels on Nifty. Support is expected to come in at 17,570 and 17,500 levels

Santosh Meena, Head of Research, Swastika Investmart, said, "Indian equity market snub sharp rise in Covid cases and begin 2022 on a cheerful note where the laggard Bank Nifty witnessed the highest gain today. There was a risk-on sentiment in the Indian equity market, where the high beta sectors outperformed defensive names."

For the day, Nifty50 closed at 17,627.30, up 273.25 points or 1.57 per cent. The upsurge not only resulted in a decent bullish candle but also in a decisive close above its 50-Day exponential moving averages, whose value is placed around 17,348 level.

In the international market, gold was trading lower at $1,823 per ounce and silver was flat at $23.11 per ounce.

IC15 is a rule-based broad market index by market capitalisation

“As we start 2022, we believe that while the returns are going to be more moderate than what we have seen in the last 18 months, there could also be some choppiness every now and then in the markets this year.”

The partially convertible rupee settled at 74.2600 per US dollar as against 74.3300 per dollar at previous close

The Nifty Pharma index closed 0.47 per cent down at 14156.4.

UBS suggested that the spring of the Indian market may be over and a dry and harsh winter may follow