A successful breakout from the resistance zone of 15,780-15,800 would extend the uptrend, taking the index higher to levels of 15,870, writes Aditya Agarwala.
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Sensex slipped below the 52,000 mark, while Nifty ended below the crucial 15,550 level.
Nifty traded in a wide range of 233 points in a volatile session and formed a bearish candle on the daily chart.
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NEW DELHI: Domestic equity indices opened in the green on Wednesday, but erased all gains in the afternoon session amid selling pressure across sectors. Sensex slipped below the 52,000 mark, while Nifty ended below the crucial 15,550 level.
Nifty traded in a wide range of 233 points in a volatile session and formed a bearish candle on the daily chart. Analysts said the index was forming indecisive candles for some time, which suggested more weakness in the coming days. Will Nifty get past the key resistance level of 15,800 or will it slip further?
Nifty traded in a 359-point range, and the market maintained its trajectory throughout the week, barring few incidents of consolidation on the daily chart.