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Nifty

Nifty opened with an upward gap but witnessed selling from the opening tick to end near the day's low. Nifty closed at 22055 with a loss of 142 points. On the daily chart the index has formed a Bearish candle which has totally Engulfed its previous day's move forming a "Bearish Engulfing" candlestick formation which is a bearish reversal formation. For such formations confirmation is necessary, so if the index breaks below previous day's low it would witness a change of trend to the downside. The chart pattern suggests that if Nifty crosses and sustains above 22100 level it would witness buying which would lead the index towards 22200-22250 levels. Important Supports for the day is around 22000 However if index sustains below 22000 then it may witness profit booking which would take the index towards 21950-21900 levels.

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