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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 24316 with a loss of 9 points. On the daily chart index has formed a bullish candle however it remained restricted within previous session's High-Low range indicating absence of strength on eitherside. The chart pattern suggests that if Nifty crosses and sustains above 24450 level it would witness buying which would lead the index towards 24500-24600 levels. Important Supports for the day is around 24200 However if index sustains below 24200 then it may witness profit booking which would take the index towards 24100-24000 levels

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