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The Nifty opened on a flat note and endured a day of consolidation. It closed in the green with ~26 points. Looking at the daily charts, we can see that the positive momentum of April 24th continued today and the Nifty continued to trade with a positive bias. As it nears its former swing high of 17863, it is seeing some profit booking as the pace of the upward move has slowed. Domestic indices extended gains on Tuesday, ending the session on the green. The Nifty rose 25 points to 17769 and the Sensex climbed 74 points to 60130. As we are in the final week of April Series expiry, volatility may be high for the next few trading sessions. So the key support zone to keep an eye on is 17,620-17,600. Until the Nifty manages to hold and trade above this zone, we can expect the upward movement to continue. On the upside, the initial hurdle is 17,863 17,880. A break above this should result in a sharp rise towards the psychological 18,000 level. Overall, we remain bullish on the 18,100 target from a short-term perspective.
Resistance: 17400, 17500, 17600
Support: 17300,
17200, 17100
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