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Nifty

Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at 23690 with a gain of 277 points. On the daily chart the index has formed a Bullish candle which has totally Engulfed its previous day's move forming a Morning Star candlestick formation which is a bullish reversal formation. For such formation confirmation is necessary, so if the index breaks above previous day's high it would witness a change of trend to the upside. The chart pattern suggests that if Nifty breaks and sustains below 23580 level it would witness selling which would lead the index towards 23500-23400 levels. However, if index crosses above 23780 level it would witness pullback rally which would take the index towards 23900- 24000.

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