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The Sensex and Nifty continue their volatile journey with bulls and bears fighting among themselves on Dalal Street. On Wednesday, The Sensex was above 53400 levels while the Nifty index touched 16000. Domestic stock markets began Wednesday’s trading session with gains. Sensex rose more than 250 points to breach 53400 while Nifty added 200 points to sit above 16000. Bank nifty index was above 34300 mark added more than 500 points. while India VIX was in the red but still above 20 levels. Nifty opened flat and has been inching to higher levels but has been trading in a range. The index has surpassed the 20 DEMA and is sustaining at higher levels which indicates strength. Any dip towards lower levels of 15725 can be utilized as a buying opportunity. India VIX is has cool off a bit and is at 20 level. However it needs to cool down below 18 level for stability and a directional move in the market. Now till it holds below 15750 zone we can expect move towards 16100 and 16200 whereas support at placed 15800 and 15700. Market breadth is positive which indicates that there support based buying at lower levels. With the selling pressure easing on approach to the 15750 region, marked as the critical level for tomorrow, the 16200 trajectory is expected to remain in play. However, oscillators look accommodative for some more slippage, before a stronger upswing evolves. Towards this end, we look forward to seeing dips being arrested near 15800. Slippage past the same could render the trend weak, exposing 15600 initially.
Resistance: 16100, 16200, 16300
Support: 15900, 15800, 15700
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