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The Nifty started the session slightly lower on Wednesday and slipped below the previous day’s low towards the closing which not a bullish sign. For the last three trading sessions, the index has been finding support a bit above the 200-days EMA on the daily frame charts.
The last candle has a very small upper wick which suggests selling pressure around the day’s high. In the market, auto stocks ended the session as worst performer whereas metal stocks outperformed the benchmark index for the day.
The volatility index India, VIX, has witnessed a spurt of 8.16 percent during the day. On the options front, 11000 and 11200 Calls added most open interest (OI) whereas 10,700 and 10,500 Puts ended as most active.
Going forward, the Nifty is likely to consolidate within a narrow range of 200 points starting from 10,800 on the downside and 11,000 on the upside.
A decisive breakout on either side will confirm the future trend for the index. A breakdown from the lower band of 10,800 may trigger a selling pressure which may take the index towards 10,500.
On the other hand, 11,000 may act as an immediate resistance, and if the index manages to trade above 11,000 then we may see a rally towards 11,200 levels.
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