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Nifty

Nifty yet again formed a narrow-ranged formation but slipped below its 5 DEMA support level of 18510. The ongoingclusterofnarrow ranged bodies continued for the 3rd consecutive session with both its momentum indicators following the priceaction.With both its trend strength indicators still within their neutral zone the probability of a breakout above 18600 remainshighforafinal swing towards the upper end of the ‘Broadening Pattern’ formation which is currently placed around 18730-18850. Tradersshould continue to hold their momentum longs until 18440 holds with a likely final leg to extend the price momentumtowards18730-18850 itself.

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