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

"Markets saw a breather after Monday's sharp decline, ending marginally higher. The Nifty benchmark index opened with a gap-up, driven by favorable global cues, and traded within a range before closing at 23,707.90. Sectoral trends were mixed, with metals and energy advancing, while IT saw a slight decline. Broader indices also showed some recovery, gaining between 0.8% and 1.3%. 

Despite the respite, markets continue to face significant selling pressure during recovery attempts, indicating that bears remain in control. On a positive note, the dip in the volatility index (India VIX) reflects reduced nervousness among the participants. Given these mixed signals, we recommend maintaining a "sell on rise" strategy in the index unless it decisively surpasses the resistance at 24,250. Additionally, the start of the earnings season is expected to create stock-specific opportunities, so traders should focus on selective positioning and prioritize risk management."

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