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Nifty

Nifty opened with downward gap and extended its down move in initial hours making day low around 22725. However, buying support at lower levels recovered most of the earlier losses to end near day's high.. Nifty closed at 22960 with a gain of 30 points. On the daily chart index has formed a bullish candle however it has continued to form lower High-Low compare to previous session indicating negative sign. The chart pattern suggests that if Nifty breaks and sustains below 22900 level it would witness selling which would lead the index towards 22850-22800 levels. However, if index crosses above 22980 level it would witness pullback rally which would take the index towards 23100-23250.

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