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The Indian government is considering raising the wage ceiling for the Employees' Provident Fund Organisation (EPFO) to 21,000 and lowering the employee count threshold for mandatory enrollment from 20 to 10-15. These measures aim to expand social security coverage for workers, aligning with the upcoming Social Security Code.
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There is possibility of more consolidation or minor weakness towards the key supports of 23,900-23,800. One may expect emergence of buying again from near the supports.
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The shift in stock sentiment was observed after the company reported a net profi t jump of 145% and asset quality improvement, said Rajesh Palviya, head of technical and derivatives research at Axis Securities. Traders can buy in the range of Rs 105-103 with a stop loss of Rs 100 for a target of Rs 110-112, he said.
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