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Daily Technical View on Nifty

* Nifty fell for the 6 th consecutive session to close at 16858.

* Nifty slightly closed below its 200 days EMA support of 16882.

* However, decisive close below 200 dema would confirm the support violation

* On hourly chart, Nifty has been making lower top and lower bottom formation

* Hourly MACD has been trading above its signal line

* Hourly RSI has also been rising with positive divergence, which indicates probably.

* Support for the Nifty is seen at 16825, followed by 16600

* Any level below 16600, would be considered bearish for the medium term

* Resistances for Nifty are seen at 17027 and 17200

* Close above 17200 could bring back good times of bulls

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