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Nifty

Nifty opened on a positive note and witnessed buying momentum in initial hours. However selling pressure at higher levels dragged it lower to close at 17816 level. Nifty closed at 17816 with a gain of 194 points. On the daily chart the index has formed a small Bullish candle with upper shadow indicating selling pressure as well as resistance at higher levels. The chart pattern suggests that if Nifty crosses and sustains above 17920 level it would witness buying which would lead the index towards 18000-18100 levels. However if index breaks below 17740 level it would witness selling which would take the index towards 17680-17600.

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

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