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Daily Technical View on Nifty

• Nifty found support at 15710 and bounced back in yesterday’s session

• Nifty closed with minor gains of 18 points at 15850.

• Breadth of the market remained slightly positive with 11:9 advance decline ration at NSE

• Nifty is still in the gap resistance zone of 15886-16172

• Unless the gap zone is filled entirely, the range may act as a resistance zone

• To negate the medium term down trend, Nifty need a close above 16172

• Nifty has also been facing resistance from 20 days EMA for last two trading sessions. 20 EMA is currently placed at 15863 odd levels.

• Immediate support for Nifty is seen at 15700, while farsupport is placed at 15368

• Indicators and oscillators like RSI, MFI and MACD have been showing strength on the daily chart

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