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

"The markets remained volatile for yet another session, shedding half a percent amid mixed cues. The Nifty index saw a weak start, retesting the recent low of around 22,725, but a late recovery in select heavyweight stocks helped trim losses. Eventually, the index settled at 22,795.90, down 0.5%. Sector-wise, all key indices, except metals, ended in the red, with auto and pharma being the biggest laggards. The broader indices also lost momentum after a recent rebound, declining between 0.9% and 1.6%. 

We anticipate the ongoing consolidation phase to conclude soon and maintain our view to focus on banking and IT for market direction. A decisive break below 22,700 in Nifty could signal trend resumption, with support levels at 22,500 and a major cushion around 22,000. On the upside, the 22,950-23,150 zone remains the immediate resistance. In the meantime, we recommend a stock-specific trading approach while waiting for clearer market signals."

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