Nifty opened on a flat note but buying led the index upwards to end in the green - Jainam Broking Ltd
Nifty
Nifty opened on a flat note but buying led the index upwards to end in the green. Nifty closed at 24022 with a gain of 198 points. On the daily chart the index has formed a Bullish candle which has covered more than half of its previous day's bearish move thereby forming a Piercing Line candlestick formation which is a bullish reversal formation. For such formation confirmation is necessary, so if the index breaks above previous day's high it would witness a change of trend to the upside. The chart pattern suggests that if Nifty crosses and sustains above 24100 level it would witness buying which would lead the index towards 24190-24250 levels. Important Supports for the day is around 23780 However if index sustains below 23780 then it may witness profit booking which would take the index towards 23700-23600 levels.
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SEBI Registration No.: INZ000198735, Research Analyst: INH000006448, PMS: INP000006785
