Nifty opened with an upward gap and witnessed consolidation for most part of the session. However last hour selling dragged index lower to close near the day's low. Nifty closed at 14631 with a loss of 14 points. On the daily chart the index has formed a Bearish candle with long lower shadow indicating buying support at lower levels. The chart pattern suggests that if Nifty crosses and sustains above 14650 level it would witness buying which would lead the index towards 14705- 14750 levels. Important Supports for the day is around 14500 However if index sustains below 14500 then it may witness profit booking which would take the index towards 14350-14220 levels.
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