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Nifty

Nifty opened on a flat note and witnessed consolidation in in the first half session. However later hour selling pressure dragged index lower to end in red. Nifty closed at 16945 with a loss of 132 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 breaks and sustains below 16900 level it would witness selling which would lead the index towards 16800- 16750 levels. However if index crosses above 17000 level it would witness pullback rally which would take the index towards 17100-17200

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

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