However if index sustains below 20850 then it may witness profit booking which would take the index towards 20750-20700 levels - Jainam Share Consultants
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Nifty
Nifty opened on a flat note but selling led the index downwards to end in red. Nifty closed at 20906 with a loss of 91 points. On the daily chart the index has formed a Bearish candle which has totally Engulfed its previous day's move forming a "Bearish Engulfing" 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 crosses and sustains above 21040 level it would witness buying which would lead the index towards 21080-21150 levels. Important Supports for the day is around 20850 However if index sustains below 20850 then it may witness profit booking which would take the index towards 20750-20700 levels.
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