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Commenting on the outlook for Nifty, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty continues to be weak. The overall negative chart pattern as per daily and weekly chart signal that the present key support of 17,700 could be broken in the short term and that could open a larger downward correction down to 17,200-17,100 levels in the next few weeks. Any attempt of upside bounce from here could find resistance around 17,850-17,900 levels.”

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