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Nifty

Nifty opened with a downward gap and witnessed pullback rally at lower levels however selling pressure at higher levels draggedindextoclosein negative territory. Nifty closed at 24341 with a loss of 126 points. On the daily chart the index has formed a bearish candle withlonguppershadow indicating selling pressure as well as resistance at higher levels The chart pattern suggests that if Nifty crosses and sustains above24500level it would witness buying which would lead the index towards 24600-24650 levels. Important Supports for the day is around 24100Howeverif index sustains below 24100 then it may witness profit booking which would take the index towards 24000-23900 levels.

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