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Nifty

Nifty opened with an upward gap and witnessed selling pressure in in the first half. However buying momentum in second half pulled index higher to close near the day's high.. Nifty closed at 22404 with a gain of 203 points. On the daily chart the index has formed a small Bullish candle carrying long lower shadow indicating buying support at lower levels. The chart pattern suggests that if Nifty breaks and sustains below 22260 level it would witness selling which would lead the index towards 22200-22050 levels. However if index crosses above 22450 level it would witness pullback rally which would take the index towards 22500-22600.

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