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2024-05-31 09:21:15 am | Source: Jainam Share Consultants
The chart pattern suggests that if Nifty breaks and sustains below 22400 level it would witness selling which would lead the index towards 22300-22250 levels - Jainam Share Consultants

Nifty

Nifty opened with an downward gap and selling pressure throughout the session dragged it lower to end near lowest point of the day. Nifty closed at 22489 with a loss of 216 points. On the daily chart the index has formed a Bearish candle with a long upper shadow indicating selling at higher levels. The chart pattern suggests that if Nifty breaks and sustains below 22400 level it would witness selling which would lead the index towards 22300-22250 levels. However if index crosses above 22700 level it would witness pullback rally which would take the index towards 22800-23000.

 

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