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Nifty

Nifty opened with downward gap and extended its down move in initial hours ma k ing day low a round 1 6 8 4 3 however buying support at lower levels recovered most of the earlier losses to end near day's high. Nifty closed at 17092 with a loss of 114 points. On the daily chart index has formed a bullish candle however it manage to maintain lower High-low compare to previous session indicating negative bias. The chart pattern suggests that if Nifty crosses and sustains above 17150 level it would witness buying which would lead the index towards 17300-17350 levels. Important Supports for the day is around 16840 However if index sustains below 16840 then it may witness profit booking which would take the index towards 16800-16700 levels.

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

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