The chart pattern suggests that if Nifty crosses and sustains above 18350 level - Jainam Share Consultants
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Nifty
Nifty opened with an upward gap but witnessed selling from the opening tick to end near the day's low. Nifty closed at 18287 with a loss of 112 points. On the daily chart the index has formed a Bearish candle which has totally Engulfed its previous day's move forming a " Bearish Engulfing " candlestick formation which is a bearish reversal formation. For such formations confirmation is necessary, so if the index breaks below previous day's low it would witness a change of trend to the downside. The chart pattern suggests that if Nifty crosses and sustains above 18350 level it would witness buying which would lead the index towards 18400-18500 levels. Important Supports for the day is around 18260 However if index sustains below 18260 then it may witness profit booking which would take the index towards 18200-18150 levels.
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SEBI Registration No.: INZ000198735, Research Analyst: INH000006448, PMS: INP000006785
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