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Indices continued selling for the fifth straight session in 12 may 2022, with Nifty closing around 15800. Benchmark indices fell 2.5% in afternoon trade on weak global signals as investors posted gains that failed to solve the puzzle of oil, war, currency, inflation and interest rates. Expectations of a high CPI for April coupled with margin pressures on fourth quarter earnings continue to fuel selling pressures in equities, as reflected in the number of stocks hit yearly lows today as the Sensex broke 53k and all sector indices ended deep in the red. At the close, the Sensex was down 1158 points to 52930 and the Nifty was down 359 points to 15808, Markets remain under pressure in synchronous global markets. For Nifty50, short-term sentiment remains weak as resistance stands at 16200, yet to see a strong reversal attempt and confirmation. Medium term trend support stands at 15600, breaking it could have significant impact in the short term.
Resistance: 16000, 16200, 16500
Support: 15800,
15600, 15400
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