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Nifty Technical Outlook

On Wednesday, the Nifty opened negative and slipped below the psychological 24,000 mark for the first time since April 17, 2025. Selling pressure persisted throughout the day as India VIX surged 11% after falling 19% yesterday. Except for Pharma and Energy, all sectoral indices closed in the red, with Auto and Financials leading the decline, falling nearly 3%. Only 9 Nifty stocks ended in the green. Bajaj Finance was the top loser amid concerns over potential leadership transitions due to new RBI rules. The Nifty plunged 394.75 points closing at 23,866.85. The Nifty formed a bearish candlestick pattern on the daily chart, and we expect the selling pressure to continue for the day. The volatility index IndiaVIX has closed above 18 and we expect the volatility to increase in the short term. The Nifty short-term trend remains bearish and the trend will turn bullish only above 24,400 levels. The 9-day simple moving average is placed at 24,599.

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