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Daily Technical View on Nifty

* Nifty closed marginally in the negative after recovering sharply from the morning lows on Dec 20.

* Nifty recovered post noon after the negative effect of the unexpected hawkish move by Bank of Japan to widen the band of long term yields, withered off.

* Nifty closed 0.19% or 35.2 points lower at 18385.3.

* Low market volumes have led to higher intra day volatility in the markets.

* Yesterday, Nifty found support around its 50 days EMA and reversed north. An upward sloping trend line, adjoining the swing lows of 30 Sep 2022(16747) and 13th Oct 2022(16956) coincides with 50 days EMA support.

* Nifty ended the session with bullish “Hammer” candlestick pattern, which indicates bullish trend reversal.

* Nifty could now remain in the 18269-18441 band in the near term and a breach of this band could result in accelerated move in that direction.

* Traders can remain long with 18269 stoploss in Nifty. Above 18441, Resistance for Nifty is seen at 18650.

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