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Nifty

Nifty opened with an upward gap and remained lackluster within narrow trading range throughout the day. Nifty closed at 17624 with a gain of 6 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 crosses and sustains above 17700 level it would witness buying which would lead the index towards 17750-17800 levels. Important Supports for the day is around 17570 However if index sustains below 17570 then it may witness profit booking which would take the index towards 17500-17400 levels.

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