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Below is the Views On Technical Note by Nagaraj Shetti, Technical Research Analyst, HDFC securities
The choppy trend with weak bias continued in the market for the second consecutive session and the Nifty closed the day lower. A small body of negative candle was formed today, beside the similar negative candle of Monday. Technically, this pattern indicates a range movement in the market with weak bias.
The Nifty is currently making an attempt to show upside bounce from the lows, but is finding stiff initial resistance around 11398-400 levels, which is an opening downside gap of 22nd July. The underlying trend of Nifty remains weak, a sustainable move above 11400 levels could have a further positive impact on the market.
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