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* After showing a broader range movement in the last couple of sessions, Nifty witnessed profit booking from the highs today and closed the day lower by 68 points.
* Nifty opened today on an upside gap of 203 points, made an attempt to move up after the opening. It later shifted into intraday range movement with weak bias for the better part of the session. The weakness got intensified in the afternoon to later part of the session and Nifty declined from the highs and filled opening upside gap completely and closed near the low.
* A long bear candle was formed today, after opening higher. This candle with swing high of 9261 has engulfed the range of the last two sessions in one day.
* The lower area of 8900 is continuously acting as a support (pink dashed line) for the market since past three sessions, but the Nifty has failed to sustain the gains at the highs. This repeated testing of support without any substantial gains could eventually result in a down side breakout in the short term
* The positive sequential movement like higher tops and bottoms is intact and today’s high of 9261 could now be considered as a new higher top of the sequence. Hence a sustainable move below 8900-8875 could proceed down towards a new higher bottom. Hence, there is a possibility of weakness in the coming session.
* On the decline from here, the rising trend line (green line, connected from an important swing low of 7511-24th March) could act as a strong support around 8600-8550 in the next 1-2 sessions.
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