Nifty has seen a rally of 15% from mid-June low of 15,183 to this week’s high of 17,490 in the last 7 weeks. It has reached key resistance and retracement level in the region of 17,400-17,490 and is facing resistance.
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The Indian market is expected to trade higher on Wednesday, following positive global cues. The Nifty50 closed 378 points up at 23,739 on Tuesday, with