However if index breaks below 16820 level - Jainam Share Consultants
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Nifty
Nifty opened with a downward gap and traded with extreme volatility on either side to end on negative note. Nifty closed at 16859 with a loss of 149 points. On the daily chart the index has formed a bearish candle with long upper shadow indi cating selling pressure as well as resistance at higher levels. The chart pattern suggests that if Nifty crosses and sustains above 17040 level it would witness buying which would lead the index towards 17150-17200 levels. However if index breaks below 16820 level it would witness selling which would take the index towards 16700-16600
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