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Nifty

Nifty opened on a positive note and traded with extreme volatility on eitherside in initial hours. However selling pressure in last hour led Index to close on flat note. . Nifty closed at 16986 with a gain of 41 points. On the daily chart the index has formed a Doji candlestick formation indicating indec isi veness among st ma r ket participants regarding the direction. The chart pattern suggests that if Nifty breaks and sustains below 16950 level it would witness selling which would lead the index towards 16900-16800 levels. However if index crosses above 17100 level it would witness pullback rally which would take the index towards 17200-17250.

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