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Nifty

Nifty opened with downward gap and extended its down move in initial hours making day low around 17574. However it has remained lackluster within 17700-17600 throughout the session. Nifty closed at 17707 with a loss of 121 points. On the daily chart the index has formed a Bullish candle with a long lower shadow indicating buying at lower levels. The chart pattern suggests that if Nifty crosses and sustains above 17574 level it would witness buying which would lead the index towards 17500-17400 levels. Important Supports for the day is around 17800 However if index sustains below 17800 then it may witness profit booking which would take the index towards 17900-18000 levels.

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