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Nifty

Nifty opened with downward gap and extended its down move in initial hours making day low around 23200. However, buying support at lower levels recovered most of the earlier losses. Nifty closed at 23361 with a loss of 121 points. On the daily chart index has formed a small bullish candle carrying lower shadow indicating buying support at lower levels. The chart pattern suggests that if Nifty crosses and sustains above 23400 level it would witness buying which would lead the index towards 23500-23600 levels. Important Supports for the day is around 23200 However if index sustains below 23200 then it may witness profit booking which would take the index towards 23100-23000 levels.

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