Nifty opened with an upward gap and remained lackluster within narrow trading range throughout the day - Jainam Share Consultants
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Nifty
Nifty opened with an upward gap and remained lackluster within narrow trading range throughout the day. Nifty closed at 24951 with a gain of 115 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 breaks and sustains below 24770 level it would witness selling which would lead the index towards 24600-24500 levels. However if index crosses above 25000 level it would witness pullback rally which would take the index towards 25100-25200.
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Weekly Market Wrap by Amol Athawale, VP-Technical Research, Kotak Securities
