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Daily Technical View on Nifty

Market: Observation

* It was yet another subdued session for the Indian benchmark indices ahead of Christmas.

* Nifty fell marginally by 26 points or 0.11%, to close at 23727. Nifty remained well within the previous session’s move.

* On the monthly expiry day, Bank Nifty index consolidated in the narrow range of 51382- 51137 throughout the session.

* NSE cash market volumes were lower by 8% as compared to yesterday and lowest in more than a year.

* Nifty Midcap 100 Index fell by 0.06% while Nifty smallcap Index gained by 0.24%. Declining shares outnumbered the advancing shares for the sixth day on the trot where advance decline ratio stood at 0.98 on BSE

* Nifty attempted to surpass previous session’s high of 23869 but failed to do so.

* Index found resistance at it 5 DEMA and turned southward.

* Immediate resistance is seen at 23870. Support for the Index is seen at 23537.

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