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Nifty

Nifty opened with downward gap and extended its down move in initial hours making day low around 24180. However buying support at lowerlevels recovered most of the earlier losses to end on a positive note.. Nifty closed at 24768 with a gain of 220 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 crosses and sustains above 24800 level it would witness buying which would lead the index towards 24860-24980 levels. Important Supports for the day is around 24600 However if index sustains below 24600 then it may witness profit booking which would take the index towards 24500-24400 levels.

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