If index crosses above 18150 level it would witness pullback rally - Jainam Share Consultants
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Nifty
Nifty opened on a positive note and extended buying momentum in the first half however selling in the second half led the index lower to close near day's low. Nifty closed at 18036 with a gain of 20 points. On the daily chart the index has formed a small bearish candel with shadows on either side indicating indecisiveness amongst participants regarding the direction. The chart pattern suggests that if Nifty breaks and sustains below 18000 level it would witness selling which would lead the index towards 17900- 17800 levels. However if index crosses above 18150 level it would witness pullback rally which would take the index towards 18200- 18300.
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