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Subdued sentiment in the market continued for the third consecutive month as investors chose to liquidate their holdings in still highly valued stocks. Investors are also awaiting the US FOMC minutes, which will provide some clarity on where the market may be headed near-term. Domestic indices faltered, following mixed sentiment in global markets as investors weighed the possibility of a US recession followed by Fed policy tightening. The declines outstripped advances in the broader market, despite measures to curb inflation to rein in exports in sectors that have posted record profits. Global markets are awaiting the release of the Fed's minutes, which will be evaluated for details on the path of upcoming rate hikes. In this whipsaw market, investors can turn to defensive and value stocks and sectors. A look at today's Midcap and Smallcap100 indices reflects the damage done outside of the benchmark indices. Benchmark indices closed lower for the third straight day on May 25, with Nifty below 16100. In the end, the Sensex was up 303 points at 53749 and the Nifty was up 99 points at 16025. Technically, the Nifty has been holding a lower top formation for the past three days on the intraday charts. And a bearish candle has formed on the daily charts, which is largely negative. We think the near-term market structure is weak but in oversold territory. For traders, 16025 would now act as a sacrosanct level. If the index manages to trade above it, it could rally to 16150-16250. Below 16025, however, selling pressure should increase. Below that, the chances of reaching 16000-15900 would improve.
Resistance: 16150, 16250, 16350
Support: 16025,
15975, 15900
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