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Daily Technical View on Nifty

* Nifty erased some of the previous day losses and ended higher.

* At close, Nifty was up 3.36% or 735.9 points at 22620.4. Cash market volumes on the NSE continued to be high at Rs.1.87 lakh cr.

* Midcap index rose more than the Nifty even as the advance decline ratio rose sharply to 3.49:1.

* Nifty formed a bullish inside day candle with long lower shadow.

* It now seems to be consolidating after a sharp fall.

* Nifty could now head towards 22858 and 23180 on the up while 22319 could offer support in the near term.

* IT, Pharma, and Private banking sector could outperform from here as ratio charts have given bullish reversal signs

* Nifty has retraced more than 61.8% of the entire fall which it registered after forming all time high of 23338 on Monday.

* Successful retracement of more than 61.8% indicates negation of the down trend and resumption of an uptrend.

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