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Immediate support for the index is placed around levels of 8200-8180 as indicated by 61.8% retracement and the 200-day EMA and if in any case this support is breached it’s likely to move toward levels of 8065. In that case 8065 would act as a major support and if this level is breached that further weakness in the market cannot be ruled out. On the higher side the level of 8350 will act as a hurdle for the bulls and the major hurdle for the bulls would be around levels of 8420.

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