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 22462 with a gain of 135 points. On the daily chart the index has formed a small Bullish candle with upper shadow indicating selling pressure as well as resistance at higher levels. The chart pattern suggests that if Nifty breaks and sustains below 22400 level it would witness selling which would lead the index towards 22320-22250 levels. However if index crosses above 22530 level it would witness pullback rally which would take the index towards 22600-22650.
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Weekly Market Wrap by Amol Athawale, VP-Technical Research, Kotak Securities
