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Nifty

Nifty opened with an upward gap but witnessed selling from the opening tick to end negative. Nifty closed at 21572 with a loss of 51 points. On the daily chart the index has formed a Bearish candle which has totally Engulfed its prev ious day 's move forming a "Bearish Engulfing" candlesti ck 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 21720 level it would witness buying which would lead the index towards 21850-21900 levels. Important Supports for the day is around 21540 However if index sustains below 21540 then it may witness profit booking which would take the index towards 21500-21450 levels.

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