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Nifty

Nifty opened on a positive note and extended buying momentum in the first half however selling in the second half led the index lower to close near day's low. Nifty closed at 18348 with a gain of 34 points. On the daily chart the index has formed a bearish candle which resembles as Gravestone Doji. It appears when price action opens and closes at the lower end of the trading range. After the candle open, buyers were able to push the price up but by the close they were not able to sustain the bullish momentum. At the top of a move to the upside, this is a bearish signal. The chart pattern suggests that if Nifty crosses and sustains above 18430 level it would witness buying which would lead the index towards 18470-18530 levels. Important Supports for the day is around 18347 However if index sustains below 18347 then it may witness profit booking which would take the index towards 18300-18200 levels.

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

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