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Nifty

Nifty opened with a downward gap however buying momentum at lower levels pulled index higher to end near day's high. Nifty closed at 16013 with a gain of 150 points. On the daily chart the index has formed a Bullish candle which has totally Engulfed its previous d a y 's mo v e fo rmi n g a " B u l l is h Engulfing" candlestick formation which is a bullish reversal formation. For such formation confirmation is necessary, so if the index breaks above previous day's high it would witness a change of trend to the upside. The chart pattern suggests that if Nifty crosses and sustains above 16030 level it would witness buying which would lead the index towards 16150-16300 levels. Important Supports for the day is around 15670 However if index sustains below 15670 then it may witness profit booking which would take the index towards 15600-15500 levels.

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

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