If index crosses above 15800 level it would witness pullback rally which would take the index towards 15827-15882 - Jainam Share Consultant
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Nifty
Nifty opened on a positive note and extended buying momentum in the first half however heavy selling in the second half led the index lower to close near day's low. Nifty closed at 15635 with a loss of 105 points. On the daily chart the index has formed a long Bearish candle with either side long shadows indicating extreme volatility at higher levels The index has broken below upward sloping wedge pattern indicates profit booking as well as selling at current level. The chart pattern suggests that if Nifty breaks and sustains below 15560 level it would witness selling which would lead the index towards 15500-15450 levels. However if index crosses above 15800 level it would witness pullback rally which would take the index towards 15827-15882.
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