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Nifty

Nifty opened with an upward gap but witnessed selling pressure in the initial half of the day. However later hour buying led index to end on a positive note. Nifty closed at 19529 with a gain of 94 points. On the daily chart the index has formed a small Bullish candle carrying long lower shadow indicating buying support at lower levels. The chart pattern suggests that if Nifty breaks and sustains below 19430 level it would witness selling which would lead the index towards 19360-19300 levels. However if index crosses above 19546 level it would witness pullback rally which would take the index towards 19600-19650

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