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The Nifty experienced an extreme trading day today. It traded with a positive bias for the first half of the trading session, while completely reversing in the second half of the trading session, ending the day down 75 points. Bank stocks came under fire, dragging major benchmark indices lower, as a sharp decline in US markets a day earlier warned investors. Although most other Asian indices posted gains on euphoria that the US Federal Reserve could ease on forthcoming rate hikes, local markets did not follow as higher valuations and a weak macro economy prompted investors to book gains. At close, the Sensex was down 289 points or 0.50% at 57925, and the Nifty was down 75 points at 17076.
Technically, the Nifty
has again failed to clear the short-term resistance at 17225. The index has
also formed a double top formation on intraday charts, suggesting further
weakness from current levels. For the bulls, 17000-16850 would act as key
support zones, while 17250-17300 could be a key resistance area for the
short-term traders. However, below 16850 the uptrend would be vulnerable.
Resistance: 17125, 17175, 17225
Support: 17050, 17000, 16950
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