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Daily Technical View on Nifty

* Nifty fell for the second consecutive session to close with a minor loss of 59 points or 0.24% at 24619.

* NSE cash market volumes were lower by 2% as compared to yesterday.

* Nifty Midcap and Smallcap Indices bucked the trend.

* Nifty Midcap 100 and Small cap 100 Indices rose for the twelfth day on the trot where they gained by 0.50% and 0.19% respectively.

* Advancing shares outnumbered the declining shares where advance decline ratio stood at 1.30 on BSE.

* Nifty Microcap 250 index has registered fresh alltime high in today’s trading session, while Smallcap 100 index is just few points away from its all-time high.

* This indicates strong breadth in the current uptrend.

* Short term trend is still bullish as it is placed above its 5, 10 and 20 days EMAs.

* Short term support for the Nifty is placed at 24550, while resistance for the same is seen at 24857.

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