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The Nifty faced selling pressure, closing below 23,700 and breaching the 200-day EMA, signalling a bearish trend. Failure to hold current levels could see support at 23,270 and 23,000. A breakout above 24,000 is crucial to restore bullish momentum, said Mandar Bhojane of Choice Broking.
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Consumers could face higher costs in the coming months amid falling confidence among UK businesses.
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The ban covering most of America's coastline comes two weeks before Donald Trump's inauguration ceremony.
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