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Nifty

Nifty opened on a flat note but selling led the index downwards to end near the low of the day. Nifty closed at 16693 with a loss of 376 points. On the daily chart the index has formed a long Bearish candle with either side long shadows indicating extreme volatility at higher levels. The chart pattern suggests that if Nifty crosses and sustains above 16800 level it would witness buying which would lead the index towards 16870-16950 levels. Important Supports for the day is around 16620 However if index sustains below 16620 then it may witness profit booking which would take the index towards 16555-16500 levels.

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

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