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Daily Technical View on Nifty

* For last three trading sessions, Nifty has been finding resistance on its 50 days EMA, currently placed at 16681

* From the early morning high of 16649, Nifty fell more than 200 points towards 16438 • Nifty partially filled the up gap which was formed at 16370 and 16506 on 30th May 2022

* Nifty found support on its 5 days EMA placed at 16468 and bounced back in last half an hour of the trade * Nifty has got strong support at 16400 odd levels, derived from the previous swing highs on the daily charts

* Nifty has been holding bullish setup of higher top and higher bottom on the daily chart

* 200 days EMA for Nifty is placed at 16750, which needs to be taken out for the bullish momentum in the Nifty

* Indicators and oscillators have been showing strength on the daily charts

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