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Nifty

Nifty opened with an upward gap but witnessed selling from the opening tick to end negative. Nifty closed at 19442 with a gain of 57 points. On the daily chart the index has formed a Bearish candle with a long upper shadow indicating selling at higher levels. The chart pattern suggests that if Nifty breaks and sustains below 19350 level it would witness selling which would lead the index towards 19300-19200 levels. However if index crosses above 19500 level it would witness pullback rally which would take the index towards 19500-19550

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SEBI Registration No.: INZ000198735, Research Analyst: INH000006448, PMS: INP000006785

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