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Nifty

Nifty opened with a downward gap and traded with extreme volatility on either side to end on negative note. Nifty closed at 16585 with a loss of 77 points. On the daily chart the index has formed a Doji candlestick formation indicating indecisiveness amongst market participants regarding the direction. The index has given a strong breakout from its wider trading range and was able to sustain above that trading range indicates positive bias ahead. The chart pattern suggests that if Nifty crosses and sustains above 16700 level it would witness buying which would lead the index towards 16 7 5 0 -1 6 8 0 0 l evels. Important Supports for the day is around 16500 However if index sustains below 16500 then it may witness profit booking which would take the index towards 16400-16300 levels.

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

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