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Sensex and Nifty 50 are trading higher; Reliance shareholders approve reappointment of Mukesh Ambani as CEO

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The Editor’s View | Anuj Singhal shares market insights

MARKET: TEST WITH HIGH LEVELS

Nifty set to test 20 DMA drop of 19,452

Bank Nifty above 20 DMA, ready to test 50 DMA

Nifty IT is the strongest, on its way to a 52-week high

Midcap and Small Cap set to reach new all-time highs

We have to see how the market reacts to the announcement of lower LPG prices

From there, the major risk to the market will be populism ahead of the election.

Dollar and bond yields fall in the United States after consumer confidence data

The US economy is slowing, which means the Fed will take a break in September

IT stocks should have a blast today

GREAT PROSPECTS

Today’s trade is about closing gaps and sustainability

No trade in Nifty after a big gap

First resistance for Nifty: 19,430 (option based)

Highest resistance for Nifty: 19,452 (20 DMA)

If Nifty holds above 19,452 then only short cover will resume

Nifty is likely to outperform Bank Nifty today thanks to IT

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