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Daily Technical View on Nifty

* Nifty continued to consolidate in the narrow range for the fifth consecutive session, on Nifty’s weekly options expiry session.

* Index lost 0.38% or 93 points to close at 24548.

* Nifty Smallcap 100 and Microcap 250 indices broke the 14 day’s winning streak by falling 0.97% and 1.18% respectively.

* Declining shares outnumbered the advancing shares where advance decline ratio stood at 0.59 on BSE.

* All the sectoral Indices ended in the red except Nifty IT and Nifty Metal.

* Nifty Media, FMCG and OIL/GAS were major losers.

* Short term trend of Nifty is still bullish as it is placed above its 10, 20 and 50 days EMAs.

* Short term support for the Nifty is seen at 24400, while resistance for the same is seen at 24750.

* A decisive move above 24750 is likely to open the next upside of around 24900 in the near term.

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