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Nifty, Sensex Still Under Pressure

We had mentioned that Nifty, Sensex may try to stabilise and rally and if Nifty reclaims 8,400. However, a huge decline in the US markets the previous Saturday, followed up by crashing markets in Asia, led to a major fall in Indian markets.

Over the week, the indices recovered a little but the net loss over the week was 4%-5%. 
 
 

This week, both the indices continued to remain below the short term average of 20dma (Sensex – 27442 and Nifty – 8326), the medium term average of 50dma (Sensex – 27751 and Nifty – 8402) and even the long term average of 200dma (Sensex – 27957 and Nifty – 8449). Thus the trend in the short term, medium term and even the long term timeframe continues to remain bearish.
 
Volatility Index India VIX shot by massive 70% in Mondays trade itself. After closing the week around 23, it is aiming for a target of 39. Options data for September series indicates highest Put Open Interest build-up at the strike of 7400 and highest Call build-up is now at the strike of 8500. Thus Option data suggests a very wide trading range with resistance coming in at 8500 and support around 7400.

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