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Nifty

Nifty opened with an upward gap but witnessed selling from the opening tick to end negative. Nifty closed at 16416 with a loss of 153 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 16500 level it would witness buying which would lead the index towards 16600-16660 levels. Important Supports for the day is around 16350 However if index sustains below 16350 then it may witness profit booking which would take the index towards 16300-16220 levels.

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

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