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Below is the Daily Market Analysis 15 February 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets plunged sharply lower and lost 3%, pressurised by weak global cues. The benchmark opened gap-down and hovered in a range for most of the session however selling pressure resumed in the final hours. Consequently, the Nifty index settled around the day’s low to close at 16,842 levels. In line with the benchmark, most sectoral indices ended with a sharp cut and the broader indices too showed a similar trend.

As anticipated, global cues are now dictating the trend and the prevailing geopolitical tension between Russia and Ukraine combined with a steady uptick in crude is not going well with the participants. After weeks of consolidation, we feel bears are now in a more commanding position and likely to push the index further lower.  Nifty has next crucial support around 16,680(200 EMA) and then 16400 levels. We reiterate our cautious view and suggest aligning positions according to the trend.

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