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Nifty

Volatility to retain its upper hand until the index drifts lower below its short term averages. Further breakdownbelow 16000 mark pushed the index lower towards the expected wave termination zone around15860wherewemay witness a temporary base formation for the series. Multiple narrow ranged bodies is an early signof thesame. Since its trend strength indicators continue to display weakness its ideal to retain the sell onrisestrategyuntil a clear sign emerges once in oversold zone. For the day expect 16000 to hold despite the intradayswingsbelow the same while 16250 to act as a strong resistance. Its ideal to deploy a mean revision strategyforthedaywith 16000 being the midpoint for evaluation. While positional traders should await for firmsignals of reversalalso while chasing stock specific moves.

Nifty Chart

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