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Nifty

Nifty opened on a flat note and witnessed sideways movement in initial half. However last hour profit booking pulled index lower to end in red. Nifty closed at 16125 with a loss of 90 points. On the daily chart the index has formed a small Bearish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction. The chart pattern suggests that if Nifty breaks and sustains below 16075 level it would witness selling which would lead the index towards 16000-15900 levels. However if index crosses above 16265 level it would witness pullback rally which would take the index towards 16400-16500

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