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The recent low of 16,828.35 in the Nifty50 aligns closely with the lows observed in September and October 2022, thereby making it a significant level of support to monitor going forward.

On the weekly timeframe, the Nifty has exhibited a notable price action development as the index has not close below the low of the prior week for 9 weeks. Specifically, the index has maintained the formation of higher highs and higher lows.

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