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Nifty

Nifty opened on a positive note and witnessed sideways movement in initial half. However last hour profit booking pulled index lower to end in red. Nifty closed at 22605 with a loss of 39 points. On the daily chart the index has formed a bearish candle with upper shadow indicating selling pressure as well as resistance at higher levels. The chart pattern suggests that if Nifty breaks and sustains below 22550 level it would witness selling which would lead the index towards 22500-22450 levels. However if index crosses above 22700 level it would witness pullback rally which would take the index towards 22800-22900.

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