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The Nifty opened with a gap on the higher side but failed to hold on to the momentum and closed below its opening level making a ‘Hanging Man’ kind of pattern on the intraday charts.
The Nifty opened at 9893 and closed at 9859.50 on Tuesday. It slipped to an intraday low of 9831.05 thus resulting in a long lower shadow and a high of 9895.40 which was close to the opening level and formed a small upper shadow.
The Nifty closed at 9,859.5 on Tuesday. According to Pivot charts, the key support level for Nifty is placed at 9,828.57, followed by 9,797.63. If the index starts to move higher, key resistance levels to watch out are 9,892.92, followed by 9,926.33.
The Nifty Bank closed at 24,103.4 on Tuesday. The important Pivot level which will act as crucial support for the index is placed at 23,998.13, followed by 23,892.87. On the upside, the key resistance level is 24,217.73, followed by 24,332.07.
The Nifty50 futures on the Singapore Stock Exchange were trading 16.50 points higher at 9891 indicating a flat opening for the domestic market.
Acccording to Technical Analyst Prakash Gaba of prakashgaba.com, the session is expected to be volatile and the target zone still is 9946. The crucial support for Nifty is at 9788 and the resistance is at 9946. Bank Nifty on the other hand has support at 24000 and resistance at 24312.
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