NIFTY opened with an upward gap and observed profit booking in initial hours however strong buying momentum - Jainam Share Consultants
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Nifty
NIFTY opened with an upward gap and observed profit booking in initial hours however strong buying momentum around 17200 levels pulled index higher to close on strong note. Nifty closed at 17382 with a loss of 6 points. On the daily chart the index has formed a Bearish candle with long lower shadow indicating buying support at lower levels. The chart pattern suggests that if Nifty crosses and sustains above 17500 level it would witness buying which would lead the index towards 17550-17600 levels. Important Supports for the day is around 17265 However if index sustains below 17265 then it may witness profit booking which would take the index towards 17200-17150 levels.
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