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Nifty

Nifty has been showing a strong uptrend since last week, despite its trend strength indicators overbought readings. Another risinggapformation, which could now be regarded as a crucial pivotal support while chasing continuous bullish momentum, coincidedwiththemost recent consolidation breakout. Since there isn't much evidence of a new price pattern target, it's best to pursue momentumcautiously and raise your stop loss as the price moves higher. If the recent gap support (21210) is broken, bullish momentummaybedistorted and a correction wave towards the 21000 zone may be triggered within the same week. According to options datathusfar,21500 represents an immediate barrier, and 22000 could serve as a resistance area for the remainder of the series.

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