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Nifty opened with downward gap and extended its down move in initial hours making day low around 22542. However, buying support at lower levels recovered most of the earlier losses to end near day's high.. Nifty closed at 22968 with a gain of 255 points. On the daily chart the index has formed a strong Bullish candle carrying long lower shadow indicating buying support at lower levels. The chart pattern suggests that if Nifty breaks and sustains below 22560 level it would witness selling which would lead the index towards 22500-22350 levels. However, if index crosses above 23000 level it would witness pullback rally which would take the index towards 23200-23360.

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