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Nifty

Nifty opened with downward gap and extended its down move in initial hours making day low a round 1 6 4 4 4 however buying support at lower levels recovered most of the earlier losses to end on a flat note.. Nifty closed at 16570 with a loss of 15 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 crosses and sustains above 16611 level it would witness buying which would lead the index towards 16670-16750 levels. Important Supports for the day is around 16444 However if index sustains below 16444 then it may witness profit booking which would take the index towards 16370-16300 levels.

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

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