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Below is quote on Daily Market Analysis by Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets took a breather after four days of advance and ended marginally lower. After the initial positivity, Nifty oscillated in a range and finally settled at 22,028 levels.  On the sectoral front, the profit taking in the IT, realty and energy majors were weighing on the sentiment while metal and FMCG showed resilience. The broader indices too inched lower and lost nearly half a percent each.

Indications are in favor of further consolidation in the index and expect Nifty to hold the 21,750-21,900 zone. However, traders should maintain extra caution in stock selection now citing volatility due to earnings. Besides, the current positioning of the midcap and smallcap index is not reflecting the correct picture of deterioration in the broader trend so plan trades accordingly.