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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 17506 with a gain of 19 points. On the daily chart the index has formed a small Bearish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction. The chart pattern suggests that if Nifty crosses and sustains above 17600 level it would witness buying which would lead the index towards 17660-17730 levels. However if index breaks below 17450 level it would witness selling which would take the index towards 17400-17300.

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

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