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Nifty

Nifty opened with an upward gap and traded positive in initial half. However profit booking in second half erased most of the earlier gains which led index to end on a negative note. Nifty closed at 18115 with a loss of 63 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 18300 level it would witness buying which would lead the index towards 18350-18400 levels. Important Supports for the day is around 18034 However if index sustains below 18034 then it may witness profit booking which would take the index towards 17950-17900 levels.

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

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