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Nifty

Nifty opened on a positive note and witnessed consolidation in initial hours but in the second half buying momentumled index totradehigher.However, in the last hour selling pressure dragged index to close where it opened. . Nifty closed at 22957 with a gain of 128 points. Onthedailychart the index has formed a Doji candlestick formation indicating indecisiveness amongst market participants regarding the direction. Thechart pattern suggests that if Nifty crosses and sustains above 23050 level it would witness buying which would lead the index towards23130-23250 levels. Important Supports for the day is around 22850 However if index sustains below 22850 then it may witness profit bookingwhichwould take the index towards 22800-22750 levels.

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