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Nifty

Nifty opened on a positive note and extended buying momentum in the first half however selling in the second half led the index lower to close negative. Nifty closed at 16356 with a loss of 60 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 crosses and sustains above 16515 level it would witness buying which would lead the index towards 16600-16660 levels. Important Supports for the day is around 16290 However if index sustains below 16290 then it may witness profit booking which would take the index towards 16220-16150 levels.

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SEBI Registration No.: INZ000198735, Research Analyst: INH000006448, PMS: INP000006785
 

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