Nifty opened with an upward gap and witnessed consolidation in initial hours - Jainam Share Consultants
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Nifty
Nifty opened with an upward gap and witnessed consolidation in initial hours. However buying momentum in second half pulled index higher to close near the day's high. Nifty closed at 17854 with a gain of 244 points. On the daily chart the index has formed a small Bullish candle carrying long lower shadow indicating buying support at lower levels. The chart pattern suggests that if Nifty breaks and sustains below 17800 level it would witness selling which would lead the index towards 17700-17600 levels. However if index crosses above 17870 level it would witness pullback rally which would take the index towards 17950-18000.
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