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Daily Technical View on Nifty

* Nifty snapped an 8 day fall on Mar 01 helped by positive Asian cues.

* At close, Nifty was up 0.85% or 146.9 points at 17450.9. ? Broad market indices rose more than the Nifty even as the advance decline ratio rose to 3.25:1.

* Nifty ended the short term downtrend on expected lines and rose well on Mar 01.

* Nifty could rise first towards 17610 in the near term while 17299-17353 band could offer support.

* BankNifty closed at 6 session’s high and outperformed Nifty with good margin.

* Nifty Midcap and Smallcap indices outperformed Nifty by rising 1.54% and 1.33% respectively

* Hourly chart of Nifty indicates that it could extend the pullback

* Far resistance for Nifty is seen at 17720

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