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NIfty

Nifty opened with an upward gap and witnessed selling pressure in initial hours. However buying momentum in second half pulled index higher to close near the day's high. Nifty closed at 19389 with a gain of 66 points. On the daily chart the index has formed a Bearish candle which resembles as Hanging man candlestick formation which is a bearish reversal formation. For such formations confirmation is necessary, so if the index breaks below previous day's low it would witness a change of trend to the downside. The chart pattern suggests that if Nifty breaks and sustains below 19300 level it would witness selling which would lead the index towards 19200-19150 levels. However if index crosses above 19450 level it would witness pullback rally which would take the index towards 19500-19550

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

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