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On March 3, 2023, Nifty experienced a day of consolidation and closed with marginal gains. Looking at the daily charts, we can see the Nifty consolidating throughout the day in the 17300 to 17400 range where the crucial Fibonacci retracement level (17450) and the 40-day moving average (17400) are placed. After a strong move higher in the previous trading sessions, a consolidation is a healthy sign and also offers an entry point for those who missed it. The hourly momentum indicator has triggered a negative crossover, which is a sell-signal. Considering that prices are trading around a hurdle and the momentum indicator triggering a negative crossover can lead to a consolidation. Overall, the uptrend is intact and this consolidation should be used as an opportunity to initiate new longs. On the upside, the immediate short-term target is 17500.
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