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Nifty

Nifty opened with downward gap and extended its down move in initial hours making day low around 22569 . However buying support at lower levels recovered most of the earlier losses to end near day's high . Nifty closed at 22716 with a loss of 64 points . On the daily chart the index has formed a strong Bullish candle carrying long lower shadow indicating buying support at lower levels . The chart pattern suggests that if Nifty breaks and sustains below 22620 level it would witness selling which would lead the index towards 22570 - 22500 levels . However if index crosses above 22755 level it would witness pullback rally which would take the index towards 22900 - 23000

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