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.
Nifty Spot
Support at 5825-5840.
Nifty is likely to hold the support in 5825-5840 region.
In this case it may pullback up to 5950-5970
and will form head and Shoulder pattern
which has bearish implication.
.
14 PeriodStochasti and RSI is in oversold zone.
If shows more power then this pullback may
extend up to 6017-6030 where long term
rising trendline may stall the rally.
This upmove will form another right shoulder.
.
In case Nifty breaks and closes below
5820 then nonstop slide up to next downside
support at 5750-5735 which is
23.60 % Fib retracement level.
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