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Nifty index opened flattish but witnessed buying interest throughout the entire trading session. The benchmark indices took support around the 50 DEMA on daily chart and moved higher for second consecutive session. It negated its formation of lower highs after four trading sessions which indicates strength. It formed a Bullish Candle on daily chart whereas Bearish Engulfing get formed on Weekly scale, which implies that supply is visible at higher levels; but at the same time decline is being bought into. Momentum oscillator RSI is also took support around its recent swing lows of 44 - 46 zone and turned northwards. Going forward, if Nifty holds above 12150 levels, then an up move towards 12300 and 12350 cannot be ruled out. However, major support remains intact at 12100 and 12050 levels.
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