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The design of modulation schemes for the physical layer network-coded two way relaying scenario is considered with the protocol which employs two phases: Multiple access (MA) Phase and Broadcast (BC) phase. It was observed by Koike-Akino et al. that adaptively changing the network coding map used at the relay according to the channel conditions greatly reduces the impact of multiple access interference which occurs at the relay during the MA phase. In other words, the set of all possible channel realizations (the complex plane) is quantized into a finite number of regions, with a specific network coding map giving the best performance in a particular region. We obtain such a quantization analytically for the case when M-PSK (for M any power of 2) is the signal set used during the MA phase. We show that the complex plane can be classified into two regions: a region in which any network coding map which satisfies the so called exclusive law gives the same best performance and a region in which the choice of the network coding map affects the performance, which is further quantized based on the choice of the network coding map which optimizes the performance. The quantization thus obtained analytically, leads to the same as the one obtained using computer search for 4-PSK signal set by Koike-Akino et al., for the specific value of M = 4.