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The Nifty started the day with a gap down and experienced a day marked by significant volatility. It underwent unpredictable fluctuations in both directions, ultimately closing around 110 points lower. Potential counter-trend pullback may reach 21600 – 21650, encountering resistance from the 20-day moving average. Immediate obstacles lie in the 21550 – 21570 range, while crucial support is noted at 21350 – 21300. In the case of the Bank Nifty, it has reached the 161.82% Fibonacci extension level at 45768, coinciding with the 20-week moving average. This establishes the 45800 – 45600 zone as a pivotal support area, and as long as it remains unbreached, a continuation of the recovery is plausible. On the upside, a pullback could extend to 46400 – 46600.
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