Index crosses above 17100 level - Jainam Share Consultants
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Nifty
Nifty opened on a flat note and witnessed selling pressure in initial hours. However it has remained l a c k luste r withi n 1 6 9 9 0 - 1 6 9 3 0 throughout the session. Nifty closed at 16952 with a loss of 34 points. On the daily chart the index has formed a small Bearish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction. The chart pattern suggests that if Nifty breaks and sustains below 16950 level it would witness selling which would lead the index towards 16900-16800 levels. However if index crosses above 17100 level it would witness pullback rally which would take the index towards 17200-17250.
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