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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 15576 with a gain of 1 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 breaks and sustains below 15590 level it would witness selling which would lead the index towards 15480- 15520 levels. However if index crosses above 15650 level it would witness pullback rally which would take the index towards 15690- 15750.

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