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Daily Technical View on Nifty

* Nifty opened with a big gap down of 325 points at 15877, then went down to hit day’s low at 15684.

* Nifty fell more than 2.5%, which is the highest one-day fall in % terms since 19th May 2022

* Nifty has witnessed a fall of more than 700 points in the last two trading sessions • Nifty breached the crucial support of 15740 during yesterday’s session

* The breadth of the market was negative with a 1:9 adv dec ratio at NSE

* Immediate supports for the Nifty are seen at 15671 and 15432 • India VIX was up more than 13% and has now reached the highest level 26th May 2022

* A big downside gap has been formed in the range of 15886 and 16172. This gap is expected to provide strong resistance in the days to come.

* Any level below 15671, could drag Nifty towards the next support of 15431.

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