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Nifty

Nifty opened on a positive note but selling pressure throughout the session dragged it lower to close in negative territory. Nifty closed at 16584 with a loss of 44 points. On the daily chart index has formed a bearish candle however it manage to maintain higher High-low compare to previous session indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 16800 level it would witness buying which would lead the index towards 16850-16900 levels. Important Supports for the day is around 16565 However if index sustains below 16565 then it may witness profit booking which would take the index towards 16500-16400 levels.

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

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