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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 on a flat note. Nifty closed at 24302 with a gain of 16 points. On the daily chart the index has formed a bearish candle with long upper shadow indicating selling pressure as well as resistance at higher levels. The chart pattern suggests that if Nifty breaks and sustains below 24280 level it would witness selling which would lead the index towards 24200-24100 levels. However if index crosses above 24400 level it would witness pullback rally which would take the index towards 24500-24600

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