IGI Logo

Nifty

Nifty opened on a positive note and extended buying momentum in the first half however selling in the second half led the index lower to close near day's low. Nifty closed at 21150 with a loss of 303 points. On the daily chart the index has formed a Bearish candle which has totally Engulfed its previous day's move forming a "Bea rish Engulfing " c andl e sti c k formation which is a bearish reversal f o rma ti o n . F o r s u c h f o r m a ti o n s 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 21300 level it would witness buying which would lead the index towards 21400-21500 levels. Important Supports for the day is around 21050 However if index sustains below 21050 then it may witness profit booking which would take the index towards 21000-20900 levels

Please refer disclaimer at https://jainam.in/
SEBI Registration No.: INZ000198735, Research Analyst: INH000006448, PMS: INP000006785