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

"The market began the week on a volatile note, ending with a loss of over half a percent. After a flat opening, the Nifty gained ground in the first half but faced selling pressure in heavyweight stocks across sectors, reversing its trajectory. As a result, the Nifty closed near the day's low at 23,644.90.  On the sectoral front, most major sectors closed in the red, with realty, auto, and metal sectors leading the decline, while pharma was the sole exception. The broader indices showed a mixed trend, with the midcap index closing flat and the smallcap index losing nearly half a percent. 

The Nifty is struggling to sustain above its long-term support zone, the 200-day exponential moving average (DEMA). Today’s decline signals potential for further downside, with a decisive break below 23,500 likely to confirm this trend, setting the next target at 23,250.  Sector-wise, only pharma and healthcare are maintaining consistent trends, while others present opportunities on both sides. Participants are advised to adjust their positions accordingly."

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