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The Nifty ended Thursday 0.45 percent lower at 10,808.05. It opened with a minor gap down and recovered from the day’s low of 10,774 before ending the session with a Hanging Man candle. The pattern on the daily chart implies that nervousness among traders still persists. Hence, the index may continue facing resistance on a rise around 10,880 levels. Its midway critical resistance is placed around 10,850. On a similar note, intraday correction is likely to continue till 10,740 levels.
On the hourly chart, the index recovered from its 50-day exponential moving average (EMA) and managed to close above the 10,800 mark. Ending the session above the 10,800 mark implies it may again retest its upside resistance placed around 10,850 levels. We still prefer being cautious on a rise as long as the Nifty remains rangebound.
Nifty patterns on multiple timeframes show it ended the session with a Hanging Man candle, which implies that nervousness still persists. Staying cautious on rise is advised.
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