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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 sellingpressuredragged index lower to end in red. Nifty closed at 24148 with a loss of 51 points. On the daily chart the index has formed a small bullishcandlewith shadows on either side representing extreme volatility as well as indecisiveness amongst participants regarding the direction. Thechartpattern suggests that if Nifty breaks and sustains below 24050 level it would witness selling which would lead the index towards 23900-23800levels. However if index crosses above 24280 level it would witness pullback rally which would take the index towards 24350-24500.

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