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Nifty

Nifty opened with downward gap and extended its down move in initial hours making day low a round 17325 . However it has remained lackluster within 17450-17350 throughout the session to end on negative note.. Nifty closed at 17413 with a loss of 177 points. On the daily chart the index has formed a small Bearish candle with lower shadow indi cating buying support at lower levels. The chart pattern suggests that if Nifty breaks and sustains below 17320 level it would witness selling which would lead the index towards 17250-17000 levels. However if index crosses above 17450 level it would witness pullback rally which would take the index towards 17500-17600.

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

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