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Nifty

Nifty opened with an downward gap and selling pressure throughout the session dragged it lower to end near lowest point of the day. Nifty closed at 18696 with a loss of 116 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 18800 level it would witness buying which would lead the index towards 18900-18950 levels. However if index breaks below 18630 level it would witness selling which would take the index towards 18580-18500.

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

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