IGI Logo

Nifty

Nifty opened on a flat note but selling led the index downwards to end near the low of the day. Nifty closed at 22333 with a loss of 141 points. On the daily chart the index has formed a B e a ris h c a n d l e p a tt e r n w h i c h resembles as Evening Star candlestick formation which is a bearish reversal formation. For such formations confirmation is necessary, so if the index breaks below previous day's low it would witness a change of trend to the downside. The chart pattern suggests that if Nifty breaks and sustains below 22300 level it would witness selling which would lead the index towards 22200-22100 levels. However if index crosses above 22430 level it would witness pullback rally which would take the index towards 22500-22550.

Please refer disclaimer at https://jainam.in/
SEBI Registration No.: INZ000198735, Research Analyst: INH000006448, PMS: INP000006785