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Below Quote Daily Market Analysis By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets started the week on a feeble note and lost over a percent, pressurised by weak global sentiment. After the gap-down start, the benchmark hovered in a narrow range for most of the sessions. Consequently, the Nifty closed at 17,312.9; down by 1.4%. The majority of the sectoral indices traded in line with the index and ended lower wherein the IT pack lost maximum.

The sharp sell-off in the US markets has changed the global tone and is impacting our markets too. Nifty must reclaim 17,400 to show resilience else it may also inch gradually lower and test the 16,900 zone. Amid all negativity, a few sectors/stocks are still showing tremendous resilience so the focus should be more on selection to navigate during the corrective phase.  

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