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Nifty

Yet another sustained breakout above 16960 zone in the final hour of the day indicated a likely move above17000soon.The gap resistance zone around 17100 may also be jeopardised as unwinding pressure once above 17000 couldleadtoasharp uptick towards 17200 zone. On the flipside the base from now 16400 would shift aggressively above 16700asitgetsvalidation via a close above 17000 mark. With the relative strength indicator finally breaking above 50 &ADXshiftingphasearound 25 is a good early sign of sustained strength. For the day its ideal to remain cautious as we enter theextendedholiday week & profit booking may kick in incase the GAP up opening is significantly higher. Options boundfor thedayindicate a range of 17400-17100 for the day with a slight probability of a significant close near the 17300-17350zone

Nifty Chart

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