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of war between bulls & bears!!! Positive global cues and escalating
tensions between India and China were the reason for market volatility on 16
June 2020. The Sensex was back in the green and hovered around 33,500
levels. The index had earlier surpassed 34,000 level for a brief moment. The
broader Nifty also tested 9900 mark after giving up its hold on the 10000 level
in the morning session only. At close, the Sensex was up 376 points at 33605,
and the Nifty was up 100 points at 9914.
There is clear sign of weakness at higher levels when observing the lower time frame charts of the Nifty. The bulls managed to protect the 9900-mark on the Nifty after falling briefly below that level. As we move into Wednesday, we believe the range of 9800 -10200 will be critical. For the bulls, upper level of descending triangle and the 89-day exponential moving average act as a very strong resistance. It will be difficult to predict which way markets are headed until we see a decisive break on either side of the range.
There is clear sign of weakness at higher levels when observing the lower time frame charts of the Nifty. The bulls managed to protect the 9900-mark on the Nifty after falling briefly below that level. As we move into Wednesday, we believe the range of 9800 -10200 will be critical. For the bulls, upper level of descending triangle and the 89-day exponential moving average act as a very strong resistance. It will be difficult to predict which way markets are headed until we see a decisive break on either side of the range.
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Resistance: 10100, 10200
Support: 9800, 9700
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