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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 21854 with a gain of 156 points. On the daily chart the index has formed a small Bullish candle with upper shadow indicating selling pressure as well as resistance at higher levels. The chart pattern suggests that if Nifty breaks and sustains below 21800 level it would witness selling which would lead the index towards 21650-21500 levels. However if index crosses above 22000 level it would witness pullback rally which would take the index towards 22100-22150.

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