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The Nifty recovered its early losses and set an all-time high at 17436 levels on Tuesday's session. The nifty50 settled at 17357 levels while the Bank Nifty ended at 36468 levels with 0.3% losses. In the case of Nifty, the initial dip on September 7 found support near the 20 hour moving average & lower end of a rising channel on the hourly chart. Thereon the index attempted a bounce however faced resistance near the hourly upper Bollinger Band & slid down again towards the end of the session to break the lower channel line. At the end of the day, the index formed a bearish outside bar on the daily chart. Also, the daily chart shows that the index is forming a distribution for the last couple of sessions near upper end of a multi week rising channel. Structurally, the Nifty is stepping into a short term consolidation & is poised to take dip towards the lower end of the rising channel, which is near 17300. Hence, 17400-17500 is expected to be the short term range for the Nifty.
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Resistance: 17400, 17450, 17500
Support: 17200, 17150, 17100
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