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Nifty

Nifty opened on a flat note but selling led the index downwards to end in red. Nifty closed at 17043 with a loss of 111 points. On the daily chart the index has formed a long Bearish candle with either side long shadows indicating extreme volatility at higher levels. The chart pattern suggests that if Nifty breaks and sustains below 17150 level it would witness selling which would lead the index towards 17200-17300 levels. However if index crosses above 16980 level it would witness pullback rally which would take the index towards 16900-16800.

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