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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 23259 with a loss of 31 points. On the daily chart the index has formed a bearish candle with long upper shadow indicating selling pressure as well as resistance at higher levels. The chart pattern suggests that if Nifty crosses and sustains above 23400 level it would witness buying which would lead the index towards 23500-23600 levels. Important Supports for the day is around 23200 However if index sustains below 23200 then it may witness profit booking which would take the index towards 23000-22900 levels

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