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The Nifty, which started on a bullish note ignoring muted global setup, failed to hold on to the momentum in the last hour of trade and closed near its opening levels making a ‘Long Legged Doji’ kind of pattern on the daily charts.
A typical long-legged Doji pattern is formed when the opening price is almost equal to the closing price but there was a lot of intraday movement on either side. The Nifty opened trading at 10,592 and closed at 10,584 on Monday. But, it witnessed a movement of 124 points in trade.
The Nifty rose to an intraday high of 10638 but then bears pushed the index lower below 10550 levels to touch an intraday low of 10514.95. The index finally closed 20 points higher at 10,584.
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