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Below the Quote on Daily Market Analysis by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd

Markets experienced a breather after the recent decline, gaining over a percent, driven by strong global cues. After an initial gap-up start, the Nifty oscillated within a range and finally settled near the day's high at 24,297.50. Most sectors contributed to the upward movement, with metals, energy, and pharma being the top performers. The broader indices also saw a notable rebound, gaining between 2.5% and 3%.

Although volatility has significantly cooled-off after the sharp surge, there remains potential for further decline. On the index front, a decisive close above 24,500 in the Nifty is needed to ease pressure and trigger a sustained rebound. Given the current conditions, we maintain a cautious outlook and recommend continuing with a hedged approach.

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