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Nifty

Nifty opened on a positive note and witnessed sideways movement in initial half. However last hour profit booking pulled index lower toclosenear day's low.. Nifty closed at 23883 with a loss of 258 points. On the daily chart the index has formed a long Bearish candle forminglowerHigh-Low compare to previous session indicating negative bias. The chart pattern suggests that if Nifty breaks and sustains below23850level itwould witness selling which would lead the index towards 23800-23700 levels. However if index crosses above 24000 level it wouldwitnesspullback rally which would take the index towards 24080-24215.

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