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Nifty

NIFTY opened on a flat note and remained under pressure in initial hour of trade however buying momentum along with short covering around 22800 levels pulled index higher to close on strong note. Nifty closed at 22923 with a loss of 37 points. On the daily chart the index has formed a Bearish candle with long lower shadow indicating buying support at lower levels. The chart pattern suggests that if Nifty breaks and sustains below 22800 level it would witness selling which would lead the index towards 22700-22800 levels. However, if index crosses above 23000 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