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Nifty 

Nifty opened with an downward gap and selling pressure throughout the session dragged it lower to end near lowest point of the day . Nifty closed at 18415 with a loss of 245 points. On the daily chart the index has formed a long Bearish candle forming lower High-Low compare to previous session indicating negative bias. The index has formed Head and shoulder chart pattern which is a bearish reversal pattern. The chart pattern suggests that if Nifty crosses and sustains above 18500 level it would witness buying which would lead the index towards 18600-18660 levels. However if index breaks below 18340 level it would witness selling which would take the index towards 18250-18120.

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

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