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Nifty

Nifty opened on a positive note and extended buying momentum in the first half however selling in the second half led the index lower to close near day's low. Nifty closed at 16983 with a loss of 71 points. On the daily chart the index has formed a Bearish candle with a long upper shadow indicating selling at higher levels. The chart pattern suggests that if Nifty crosses and sustains above 17320 level it would witness buying which would lead the index towards 17350-17500 levels. Important Supports for the day is around 16780 However if index sustains below 16780 then it may witness profit booking which would take the index towards 16640-16600 levels.

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

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