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Nifty

Nifty opened with downward gap and extended its down move in initial hours making day low a round 18350 however buying support at lower levels recovered most of the earlier losses to end on a flat note. Nifty closed at 18497. On the daily chart index has formed a bullish candle however it has continue to form lower High-Low compare to previous session indicating negative sign. The chart pattern suggests that if Nifty crosses and sustains above 18530 level it would witness buying which would lead the index towards 18600-18660 levels. However if index breaks below 18340 level it would witness selling which would take the index towards 18300- 18150.

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

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