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Nifty close 8779 points: The Nifty opened with a downside gap and hit our crucial support level of 8696 points on Tuesday before staring a contra trend rise to the sharp decline 8968-8688 points. We saw a sharp gap up open on Friday where in the Nifty hit the 50-61.8% retracement area of the above mentioned decline but saw a sharp intra-day sell off as we had anticipated in the last week’s report. Finally the Nifty ended the week down (-0.98%). Now 23rd Sept is another crucial day where we expect another sell off which could test the recent low. If this low is taken out decisively in this anticipated fall then the short term uptrend of the Nifty might be under serious threat.

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