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Nifty

Nifty continues to slide lower towards the lower end of the ongoing channel formation. The pace of the decline remains a concern despite the support base around 17140. Trend strength indicator ADXhasbreached above its 25 level which is a strong sign of directional momentum. RSI on the other handisyettoslip below its oversold stage; complimenting the bearish trend to extend further. Slippages below17140looks likely which could push the index further towards the 16770-16600 zone which couldact asakeysupport zone for the ongoing series. Traders should continue to remain vigilant & retain their short positionsuntil a firm close above 17580 is established from hereon.

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