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Nifty

Nifty opened on a flat note but buying led the index upwards to end near the high of the day. Nifty closed at 17957 with a gain of 98 points. On the daily chart the index has formed a small bullish candle with sh adows on e it h e r si d e representing extreme volatility as well as indecisiveness amongst participants regarding the direction. The chart pattern suggests that if Nifty breaks and sustains below 17760 level it would witness selling which would lead the index towards 17700-17650 levels. However if index crosses above 18000 level it would witness pullback rally which would take the index towards 18050-18150

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