Nifty opened on a flat note but buying led the index upwards to end near the high of the day - Jainam
Nifty
Nifty opened on a flat note but buying led the index upwards to end near the high of the day . Nifty closed at 22722 with a gain of 359 points . On the daily chart the index has formed a Bullish candle which has totally Engulfed its previous day's move forming a Bullish Engulfing 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 22725 level it would witness buying which would lead the index towards 22800 - 22900 levels . Important Supports for the day is around 22600 However if index sustains below 22600 then it may witness profit booking which would take the index towards 22500 - 22360 levels .
Please refer disclaimer at https://jainam.in/
SEBI Registration No.: INZ000198735, Research Analyst: INH000006448, PMS: INP000006785
