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Nifty

Nifty opened with an upward gap but witnessed selling from the opening tick to end near the day's low. Nifty closed at 19524 with a loss of 193 points. On the daily chart the index has formed a Bearish candle which has totally Engulfed its previous day's move fo rmi n g a " B e a ris h E n g u lfi n g " candlestick 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 breaks and sustains below 19490 level it would witness selling which would lead the index towards 19450-19400 levels. However if index crosses above 19650 level it would witness pullback rally which would take the index towards 19700-19750.

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