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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 18309 with a gain of 53 points. On the daily chart the index has formed a small Bullish candle carrying long lower shadow indicating buying support at lower levelsThe chart pattern suggests that if Nifty crosses and sustains above 18350 level it would witness buying which would lead the index towards 18400-18500 levels. Important Supports for the day is around 18200 However if index sustains below 18200 then it may witness profit booking which would take the index towards 18050-18100 levels.

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