Stock Market LIVE Updates: Sensex and Nifty50 likely to make a gap-down start as indicated by SGX Nifty futures

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Trade Setup | Nifty50 holds 16,200 but may not be out of the woods yet

The 50-scrip index has finally broken the key support at 16,300-16,260 levels on a closing basis, negating the minor upward trend that emerged last week after it surpassed 16,400, Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel One, tells CNBCTV18.com. 

The market is unable to show strength at higher levels, though it is not significantly weak, he says.

“We would rather reassess the situation in the first half of this week with all eyes on crucial levels like 16,000 on the lower side and 16,400 on the upside. The pragmatic strategy would be to stay light on positions… We are still hopeful of some recovery in coming days. If this has to happen, US markets need to provide that much needed relief,” Chavan adds. (Read more)