Nifty opened with an downward gap but witness ed buy ing from the opening tick to end near the day's high - Jainam Share Consultants
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Nifty
Nifty opened with an downward gap but witness ed buy ing from the opening tick to end near the day's high. Nifty closed at 16478 with a gain of 122 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 16515 level it would witness buying which would lead the index towards 16600-16660 levels. Important Supports for the day is around 16240 However if index sustains below 16240 then it may witness profit booking which would take the index towards 16200-16150 levels.
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