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Nifty

Nifty erased its weekly gains on the final session of the week. 18300 remained a strong hurdle as it slipped backtowardsits5DEMA level of 18085, ending the day just above the critical support of 18060. On its daily scale it has formedabearishformation which resembles an ‘Inverse Hammer’ candlestick characteristic. The difference being that the patternisformedwithin its previous days range itself. The negative crossover on its daily RSI indicates loss in momentum&henceaclosebelow 18060 from hereon could lead the index lower towards its weekly pivotal support area near 17840. Henceit isadvised to avoid making significant trading decisions, both investors and traders should monitor market movementscloselyfor next few days and wait for a clear trend to emerge to take any fresh directional position on either side as weexpectthebroader range to remain intact at 17840-18340 for the coming week as well.

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