Strong comeback today… and this time, it wasn’t selective. Nifty closed at 22,957 (+1.98%) Midcaps surged +2.6% Breadth: 2483 / 809 This was broad participation across the board. What stood out: Every single sector closed in green. No defensives. No hiding. • Tourism, Media, Capital Markets led • Auto, Private Banks, Defence, Chemicals followed • Even high-beta pockets saw aggressive buying This is risk-on behaviour. This suggests: After a phase of panic, markets tend to see sharp relief rallies driven by positioning unwind. Today looked exactly like that. But here’s the catch: Such moves are powerful… but they need follow-through to sustain. Otherwise, they turn into exit rallies. Also keep an eye on: • Rupee still weak near all-time lows • Macro pressures haven’t disappeared So, the next few sessions matter more than today. Because strong days don’t confirm trends… continuation does.

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