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

Market traded lackluster and lost nearly half a percent, in continuation to the prevailing consolidation phase.  After the flat start, Nifty oscillated in a narrow range till the end and eventually closed at 22,000 level. Meanwhile, a mixed trend on the sectoral front kept the traders occupied wherein realty and oil&gas edged higher while IT and banking ended in the red.  The broader indices outshined the benchmark index and gained in the range of 0.4%-1.02%.

Indications are in favor of a consolidation tone to continue until we see a decisive break from the prevailing range i.e. 21,850-22,200 level. Meanwhile, traders should limit their exposure and prefer hedged trades, with a focus on index majors and large midcaps. 

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