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Nifty Technical View

Nifty opened with on a positive note but continued its down move making day low around 23443 levels however buying support at lower levels recovered the earlier losses to close on a negative note. Nifty closed at 23560 with a loss of 43 points. On the daily chart the index has formed a Bearish candle with long lower shadow indicating buying support at lower levels. The chart pattern suggests that if Nifty crosses and sustains above 23700 level it would witness buying which would lead the index towards 23800-23900 levels. Important Supports for the day is around 23500 However if index sustains below 23500 then it may witness profit booking which would take the index towards 23450-23400 levels.

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