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Nifty

Nifty opened with a flat note and witnessed bounce back in initial hours. However, selling pressure in second half dragged index lower to close near where it opened. Nifty closed at 24056 with a loss of 25 points. On the daily chart the index has formed a small Bearish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction. The chart pattern suggests that if Nifty crosses and sustains above 24150 level it would witness buying which would lead the index towards 24200-24300 levels. Important Supports for the day is around 23950 However if index sustains below 23950 then it may witness profit booking which would take the index towards 23900-23800 levels.

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