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Nifty

Nifty opened on a flat note and witnessed buying momentum in initial hours. However selling pressure at higher levels dragged it lower toclosenear day's low. Nifty closed at 23020 with a loss of 25 points. On the daily chart the index has formed a Bearish candle withalonguppershadow indicating selling at higher levels. The chart pattern suggests that if Nifty breaks and sustains below 22800 level it wouldwitnesssellingwhich would lead the index towards 22800-22700 levels. However, if index crosses above 23300 level it would witness pullbackrallywhichwould take the index towards 23300-23400

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