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Nifty

Nifty opened on a flat note and witnessed selling pressure in initial hours . However it has remained lackluster within 25050 - 24850 throughout the session . Nifty closed at 25045 with a gain of 58 points . On the daily chart the index has formed a Bearish candle which resembles as Hanging man candlestick formation which is a bearish reversal formation . For such formations confirmation is necessary, so if the index breaks below previous day's low it would witness a change of trend to the downside . The chart pattern suggests that if Nifty crosses and sustains above 25100 level it would witness buying which would lead the index towards 25200 - 25300 levels . Important Supports for the day is around 24800 However if index sustains below 24800 then it may witness profit booking which would take the index towards 24700 - 24500 levels .

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