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Nifty

Nifty opened on a positive note but selling pressure throughout the session dragged it lower to close in negative territory. Nifty closed at 22476 with a loss of 172 points. On the daily chart the index has formed a Bearish candle which has totally Engulfed its previous day's move fo rmi n g a " B e a ris h E n g u lfi n g " 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 breaks and sustains below 22400 level it would witness selling which would lead the index towards 22350-22300 levels. However if index crosses above 22500 level it would witness pullback rally which would take the index towards 22550-22600

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