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

"The market began the week on a weak note, losing over a percent as the ongoing corrective trend persisted. Following a gap-down opening, the Nifty steadily declined throughout the session, closing near the day’s low at the 22,820 level. The sell-off was broad-based, with IT, metal, and pharma sectors taking significant hits. Broader indices bore the brunt of the decline, dropping between 2.9% and 4%. 

This trend highlights the dominance of bears, who are reacting sharply to any earnings disappointments. In addition to selling pressure from FIIs, global market caution is adding to the downside momentum. We are now eyeing 22,700 as the next crucial support and its break would further deteriorate the situation. We thus maintain our view to focus more on risk management, particularly in the midcap and small-cap segments and avoid adding to the loss-making trading positions."

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