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Nifty

Nifty opened with an upward gap but witnessed selling for most part of the session. However last hour pullback action pulled indexhighertoclose on positive note.. Nifty closed at 25424 with a gain of 93 points. On the daily chart the index has formed a Bearish candle whichresemblesas Hanging Man candlestick formation which is a bearish reversal formation. For such formations confirmation is necessary, soif theindexbreaks below previous day's low it would witness a change of trend to the downside. The chart pattern suggests that if Nifty crossesandsustains above 25450 level it would witness buying which would lead the index towards 25500-25600 levels. Important Supports for thedayisaround 25300 However if index sustains below 25300 then it may witness profit booking which would take the index towards 25200-25150levels.

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