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"Nifty remained volatile within a narrow range as traders remained uncertain ahead of the Fed Chairs scheduled speech tomorrow (Wednesday). On the daily chart, Nifty encountered resistance at the 21EMA and closed just below it. If it manages to surpass the 21EMA, which is currently around 19,414, it could potentially head towards the 19,650-19,700 range. On the downside, support is situated at 19,300," said Rupak De, LKP Securities.

Benchmark equity indices closed higher on Monday, led by banking, and financial stocks. The S&P BSE Sensex closed 0.5% higher at 64,112, while the NSE Nifty50 index ended above the 19,100 level.