The market witnessed a volatile movement and failed to breach the resistance level of Nifty level of 15800. At close, the Sensex was down 13 points at 52372, and the Nifty was up 2 points at 15692. Market is waiting for one big reason to go upside. it is filled with fear of correction as monsoons have been delayed, crude oil prices are at highest levels and the dollar is getting stronger. Overvalued stocks are witnessing profit booking and the same money is getting shifted to undervalued stocks. Financial stocks received a boost from the Reserve Bank of India's decision to allow reverse mergers of banks older than five years with their holding companies.
The Nifty
is struggling!!! It is unable to sustain at higher levels and hence makes a
U-turn at any given instance. We are still stuck in a range which is between 15500
and 15900. Unless either level is not taken out, we will not see a meaningful
move. The choppy trend continued in the market and there is no respite for
bulls, after showing upside bounce from the lower support 15635 in previous
session. As long as the support holds, the odds of market bounce back remain
alive for the next 2-3 sessions. A decisive move below the support is likely to
extend weakness to 15500 levels. On the upside bounce, the area of 15850 could
be a crucial resistance to be watched.
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Resistance: 15700, 15800, 15900
Support: 15600, 15500, 15400
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