Nifty on Wednesday formed a bearish engulfing pattern on the daily chart as the index ended 109 points lower but sustained above the immediate support of 10-day EMA around 24180 levels ahead of the Thursday weekly expiry.
The near-term uptrend status of the market remains intact. But the market seems to have started signs of profit booking around 24400-24500 levels. However, a move above 24465 could negate this bearish setup. Immediate support is at 24150 levels, Nagaraj Shetti of HDFC Securities said.
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