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Nifty

Nifty opened on a positive note and extended buying  momentum in the first half  however selling in the second half led the index lower  to close near day's low. Nifty closed at 24011 with a loss of 34 points. On the daily chart the index has formed a Bearish candle with a long upper shadow indicating selling at higher levels. The chart pattern suggests that if Nifty breaks and sustains below 24000 level it would witness selling which would lead the index towards 23900-23800 levels. However if index crosses above 24200 level it would witness pullback rally which would take the index towards 24300-24500.

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