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The Nifty ended Thursday 0.54 percent lower at 10,682.70. It remained volatile throughout the session before ending with a bearish candle. Its early morning positive opening failed to breakout the critical resistance of 10,800. A fall from the day's high of 10,777, followed by a closing below the critical support of 10,700 implies that the correction may deepen further to 10,660-10,600. So, 10,700 may now act as critical resistance.
On the Nifty hourly chart, it closed below its 100-day exponential moving average (EMA) placed around 10,710. Hence, the weakness is likely to persist in today’s session as well. Downside supports are placed around 10,660 and 10,600, while the 200-day EMA is placed around 10,620 levels.
Nifty patterns on multiple timeframes show it ended the session on a weaker note below 10,700. Hence, the correction may deepen further to 10,660-10,600. Traders and investors are advised to wait for a decent buying opportunity.
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