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Nifty

Despite the early morning decline led by global markets Nifty managed to sustain well above its short-termaverage support zone. It did not slip below its 20 DEMA nor below its previous days swing lowsupport at17401.On its daily scale an ‘Inside Bar’ formation is evident which warrants the index to remain concealedwithintheimmediate trading range of 17380-17750 for the day. An either side breakout outside the zone of 17340-17780would lead to directional momentum play again until then expect it to rest & reset within this range. Bothitstrend strength indicators too registered a decline as RSI slipped towards 56 while ADX slipped to30.Pricewisetrend strength will get further better on a break above 17780 while a breakdown below17340 againcouldbelethal. Its ideal to place positional stops below 17320 from hereon for all major longs.

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