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Volatility increased significantly in the past week for the seventh consecutive session, after falling nearly 20 percent on April 23, which put the bulls in an uncomfortable position. Going forward, 16.5 is the crucial level to watch, where it has faced resistance multiple times in January and February this month. India VIX, the fear gauge, jumped 33.8 percent during the week to 14.62, the highest closing level since the beginning of March.
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