Nifty Falls After Gap-Down Opening - Jainam
Nifty
Nifty opened with an downward gap and selling pressure throughout the session dragged it lower to end negative. Nifty closed at 24288 with a loss of 78 points. On the daily chart the index has formed a bearish candle with long upper shadow indicating selling pressure as well as resistance at higher levels. The chart pattern suggests that if Nifty crosses and sustains above 24270 level it would witness buying which would lead the index towards 24360-24420 levels. Important Supports for the day is around 24150 However if index sustains below 24150 then it may witness profit booking which would take the index towards 24040-23900 levels.
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