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Nifty

Nifty opened on a flat note but selling led the index downwards to end near the low of the day. Nifty closed at 16484 with a loss of 147 points. On the daily chart the index has formed a long Bearish candle forming lower High-Low compare to previous session indicating negative bias. The chart pattern suggests that if Nifty crosses and sustains above 16580 level it would witness buying which would lead the index towards 16700-16750 levels. Important Supports for the day is around 16463 However if index sustains below 16463 then it may witness profit booking which would take the index towards 16400-16350 levels.

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SEBI Registration No.: INZ000198735, Research Analyst: INH000006448, PMS: INP000006785

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