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The Nifty has breached the lower band, i.e. 19,200 of the broadening formation and the next crucial support comes at 200 EMA, which currently lies around 18,830, say experts.
The Nifty has formed a long bearish candle on daily charts which is indicating further weakness from the current levels
Options data indicated that 19,600-19,500 will act as a support area for the Nifty50, while the 19,700-19,800 would be resistance on the higher side
The Options data suggested that the 19,600-19,500 may act as a key support area for the Nifty50, while the 19,800-19,900 will remain crucial hurdle on the higher side
The options data indicates that the Nifty may face resistance at the psychologically important 20,000 mark, with support at 19,700-19,600 area