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Nifty

Nifty opened on a flat note but buying led the index upwards to end near the high of the day. Nifty closed at 23331 with a gain of 165points. Onthe daily chart, the index has formed a Bullish Harami pattern, where a small bullish candle is entirely contained within therangeoftheprevious larger bearish candle, signaling a potential reversal. For confirmation of this pattern, a break above the previous day's highwouldindicate a shift in trend to the upside. The chart pattern suggests that if Nifty breaks and sustains below 23130 level it would witnesssellingwhich would lead the index towards 23050-23000 levels. Important Resistances for the day are placed at 23450-23500

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