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

"Markets ended their week-long consolidation with a breakdown, shedding over a percent and signaling the continuation of the corrective phase. After an initial gap-down opening, Nifty gradually declined, nearing the 22,500 marks before settling at 22,553.35. 

Sectoral trends remained mixed, with FMCG and auto sectors inching higher, while IT and metal stocks underperformed. Broader indices moved in tandem with the benchmark, losing nearly a percent each. 

With no major domestic triggers, markets are primarily tracking global cues and facing renewed pressure due to weakness in US markets. Additionally, the downturn in key sectors like banking and IT, which had previously shown resilience, has worsened the sentiment. 

Given the current scenario, we maintain a negative outlook on the index and recommend a "sell on rise" strategy. However, individual stocks continue to present trading opportunities on both sides, and participants should adjust their focus accordingly."

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