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Nifty

Immediate respite for the index would only unfold once the 15040 (breakout zone) is surpassed which in turn could unlock the much awaited directional momentum play. While on the other hand 14400 remains the key pivotal support to hold the validity of the bullish bias to remain intact. Incase if the index fails to sustain above this elevated support zone near 14400 this week it may result into a pattern failure. The recent down move towards the Channel line could be termed as a pullback post the pattern breakout which provides yet another opportunity for traders to add longs. Once above 15040 expect the index to scale towards 15400-15600 in no time, while 14400 now becomes the vital support.

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