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Nifty

Nifty opened on a flat note but selling led the index downwards to end in red. Nifty closed at 24039 with a loss of 207 points. Thedailypriceaction has formed a sizable bearish candle and has also formed an "Engulfing Bearish" - a short term trend reversal pattern. However, anyfollow up down close will confirm the above said pattern. The chart pattern suggests that if Nifty crosses and sustains above 24140level itwould witness buying which would lead the index towards 24280-24400 levels. Important Supports for the day is around 23800Howeverifindex sustains below 23800 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