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Daily Technical View on Nifty

Nifty Likely to Extend Gains

* Nifty closed at the highest point of the current upswing.

* Nifty is up more than 1650 points from the recent bottom of 15671, registered on 8th March 2022.

* Nifty managed to sustain above its 5 days EMA, which is currently placed at 17100 odd levels.

* Nifty found the support in the gap area of 16987- 17175, formed on 17th March 2022.

* Nifty and BankNifty both indices closed on very strong wicket and therefore current uptrend is likely to be extended towards the next targets of 17484 and 17794.

* BankNifty has formed bullish “Hammer” candlestick pattern on the daily chart

* Support for the Nifty has now shifted up to 17100 and same should be kept as a stoploss in trading long positions.

* Sectors like IT and Energy looks the strongest on charts, while sectors like Auto and Banking could extend the pullback on the back of short covering

* Positional Support for nifty is seen at 16800

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