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Nifty

Nifty opened with a downward gap and traded eitherside in initial hours. However last hour selling pressure in second half dragged index lower to close near the day's low. Nifty closed at 21772 with a loss of 82 points. On the daily chart index has formed a bearish candle forming lower High- Low compare to previous session and has closed below previous session's low indicating negative bias. The chart pattern suggests that if Nifty breaks and sustains below 21720 level it would witness selling which would lead the index towards 21650-21500 levels. However if index crosses above 21970 level it would witness pullback rally which would take the index towards 22050-22100

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