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Sensex ends below 39K; here are 5 factors behind the meltdown

are some of the factors weighing on markets. Overall, the index has been consolidating in in the range of 11761-12041-12100 from the last fourteen trading sessions and requires a decisive range breakout to commence the next leg of the rally. “Nifty formed a bearish candle on the daily and weekly scale that suggests selling pressure has been seen at higher band of the trading range,” Chandan Taparia, derivative & technical analyst at Motilal Oswal Securities told Moneycontrol. On June 14, Bank Nifty failed to surpass previous day’s high and fell around 400 points to close near its lower band of the trading range at 30,600. It formed a bearish candle on daily and weekly charts with the formation of lower highs, which indicates that bears are holding the grip at higher zones.

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