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Nifty

Nifty opened on a flat note and witnessed extreme volatility on either side for most part of the session. However later hour buyingmomentumpulled index higher to end on a positive note. Nifty closed at 23581 with a gain of 172 points. On the daily chart the index has formedasmallBullish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction. The chart patternsuggeststhat if Nifty breaks and sustains below 23340 level it would witness selling which would lead the index towards 23230-23100 levels. However,ifindex crosses above 23650 level it would witness pullback rally which would take the index towards 23750-23840

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