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Trade setup: Continue to chase the Nifty up moves cautiously

market outlook: Trade setup: Nifty key resistance seen at 14,955 and 15,030 levels; avoid aggressive purchases

The weekly options expiry dominated the session on Thursday as the index stayed much within a defined range on expected lines. Apart from that, the Indian markets ended on a disappointing note as it failed its attempt to break out from the falling channel as it slipped inside it again. The Nifty opened on a mildly positive note and marked its high in the early minutes of the session after which it slipped into the negative territory. The markets stayed negative throughout the session, but mostly remained rangebound. The last hour and a half saw the weakness getting intensified and the index slipped lower, finally ending with a net loss of 124.10 points or 0.83 per cent.

Nifty: Trade Setup: Nifty s RSI against that of Nifty500 hits new low Avoid high-beta stocks

In a disappointing session, Nifty slipped below its immediate key support and ended Wednesday’s session on a negative note. The market opened lower on the anticipated lines and stayed in the negative territory throughout the day. The opening level became the high point of the day, as the index spent the first half of the session trading with limited losses. While Nifty failed to recover beyond a point, the market came under intense corrective pressure the second half of the session. It went on to test the day’s lowest point before finally ending the day with a net loss of 154 points, or 1.04 per cent.

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