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Nifty

Nifty made ‘Bearish Engulfing’ candlestick pattern after formation of ‘Hammer’ candlestick pattern which suggest that upside momentum has been derailed. Formation of ‘Bearish Engulfing’ candlestickpatternnearthe resistance zone of trend line also indicates that bulls don’t have necessary ammunitiontobreakthesupply zone around 17750. Any upside momentum will gather pace above the levels of 17750whiledownside support area emerges around 17250. Momentum oscillator RSI_14 has turned negativefromneutral as it is at 46 which also suggest that buying momentum on the upside has diminished. Fresh positional longs can only be initiated above 17750.

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