The chart pattern suggests that if Nifty breaks and sustains below 18150 level - Jainam Share Consultants
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Nifty
Nifty opened with an upward gap but witnessed selling from the opening tick to end near the day's low. Nifty closed at 18130 with a loss of 52 points. On the daily chart the index has formed a long Bearish candle forming lower High-Low compare to previous session indicating negative bias. The chart pattern suggests that if Nifty breaks and sustains below 18150 level it would witness selling which would lead the index towards 18100-18000 levels. However if index crosses above 18250 level it would witness pullback rally which would take the index towards 18300-18400.
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