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Nifty

Nifty opened with an upward gap but witnessed selling from the opening tick to end negative. Nifty closed at 18083 with a loss of 63 points. On the daily chart the index has formed a Bearish candle which has totally Engulfed its prev ious day 's move forming a "Bearish Engulfing" candlesti c k formation which is a bearish reversal formation. For such formations confirmation is necessary, so if the index breaks below previous day's low it would witness a change of trend to the downside. The chart pattern suggests that if Nifty crosses and sustains above 18180 level it would witness buying which would lead the index towards 18250-18330 levels. However if index breaks below 18040 level it would witness selling which would take the index towards 17980- 17900.

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

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