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Nifty

Breakout above the declining channel with a strong GAP around 17000 zone seems to have activatedthepattern.Breakout on its trend strength indicators has been complimenting the evolving bullish price actionasRSI trendscomfortably above 50 zone while ADX has also turned strong bullish with +DI trending above 33. IndiaVIXsawacollapse below its 25 zone marking the retreat of the extra risk premium which spiked up in thewakeof Russia-Ukraine war in the final leg of the February series. FII action turning positive for the first timeafteralmost2months also compliments bullish momentum to sustain. Hence for the week , expect strong sector rotationdrivenstrength to be witnessed which could push the index towards 17650 mark while the base remains firmat17000

Nifty Chart

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