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Nifty

Occurrence of yet another Spinning Top Doji candlestick formation augurs well for the ongoing consolidationtoremainintact until a form either side breakout outside the contracting range is evident. Expect nifty to display sharpdirectional momentum once outside the current immediate range of 18180-18020 which could lead to extended move towardsthenext immediate bounds of 18240-17860. Since it is trending near the higher side of the range its ideal to refrainfrombuyingthe breakouts. A decisive close below the 18020 level at the beginning of the week would push the index belowthekeyweekly pivotal support of 17860 as well. Hence its ideal to retain short positions until a weekly close above 18180isnotestablished & utilise intra week pullbacks to add shorts until the index slips below 17860 which eventually unlocksthemovetowards 17550.

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