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Nifty Technical View

Nifty opened with a downward gap and selling pressure throughout the session dragged it lower to end on a negative note. Niftyclosedat23382 with a loss of 178 points. On the daily chart the index has formed a long Bearish candle forming lower High-Lowcomparetoprevioussession indicating negative bias. The chart pattern suggests that if Nifty crosses and sustains above 23570 level it would witness buyingwhichwould lead the index towards 23650-23700 levels. Important Supports for the day is around 23300 However if index sustains below23300thenit may witness profit booking which would take the index towards 23200-23100 levels.

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