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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 21996 with a loss of 152 points. On the daily chart the index has formed a bearish candle with long upper shadow indicating selling pressure as well as resistance at higher levels. The chart pattern suggests that if Nifty breaks and sustains below 21950 level it would witness selling which would lead the index towards 21900-21800 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