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Nifty

Nifty gave up its gains during the session but managed to close above its 20 DEMA level of 17650. The current candlestickformation exhibits signs of a 'Shooting Star' pattern awaiting its confirmation.Slippages below 17650 couldpushtheniftyback to its 200 DEMA support level at 17580 immediately. This cluster support zone within 17650-17580 wouldbecriticalfor any further momentum to sustain. Closing below the same could lead to immediate distortion of the bullishsequencewhich could lead into a time consolidation before the next impending downward momentum. Both trend strengthindicators still remain diverging as ADX continues to trend higher while RSI is neutral to negative so far. Henceabullishmomentum stop could be raised from 17470 to 17580 on closing basis for the current week belowwhich thefailurecouldagain push the index lower towards 17140. Upside remains capped as the upmove is yet to see fulfil the timecharacteristicsof fresh bullish impulse wave

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