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Nifty

Nifty opened on flat note and buying momentum in initial hours however it remained lackluster throughout the session led it to close on a flat note. Nifty closed at 16986 with a gain of 13 points. On the daily chart the index has formed a high wave Doji candlestick formation indicating indecisiveness amongst market participants regarding the direction. The chart pattern suggests that if Nifty breaks and sustains below 16850 level it would witness selling which would lead the index towards 16800-16750 levels. However if index crosses above 17100 level it would witness pullback rally which would take the index towards 17200-17250.

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