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Nifty

Nifty opened on a positive note and extended buying momentum in the first half however selling in the second half led the index lower to close near day's low. Nifty closed at 21951 with a loss of 247 points. On the daily chart the index has formed a Bearish candle which has totally Engulfed its previous day 's move forming a "Be a rish Engulfing" candlestick formation which is a bearish reversal formation. For such formations confirmation is necessary, so if the index breaks below previous day's low it would witness a change of trend to the downside. The chart pattern suggests that if Nifty breaks and sustains below 21900 level it would witness selling which would lead the index towards 21850-21800 levels. However if index crosses above 22100 level it would witness pullback rally which would take the index towards 22200-22250

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