Nifty opened with a downward gap and witnessed pullback rally at lower levels - Jainam Share Consultant
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Nifty
Nifty opened with a downward gap and witnessed pullback rally at lower levels however selling pressure at higher levels dragged index to close in negative territory . Nifty closed at 16631 with a loss of 88 points. On the daily chart the index has formed a small Bearish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction. The chart pattern suggests that if Nifty crosses and sustains above 16753 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 16610 However if index sustains below 16610 then it may witness profit booking which would take the index towards 16550-16500 levels.
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