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Nifty

Nifty opened with a downward gap and witnessed bounce back in initial hours. However, selling pressure in second half draggedindexlowertoclose near the day's low.. Nifty closed at 23086 with a loss of 346 points. On the daily chart index has formed a small bearish candleforminglower High-Low compare to previous session and has closed below previous session's low indicating negative bias The chart patternsuggeststhat if Nifty crosses and sustains above 23600 level it would witness buying which would lead the index towards 23700-23800 levels. ImportantSupports for the day is around 23350 However if index sustains below 23350 then it may witness profit booking which wouldtaketheindextowards 23300-23250 levels.

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