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Nifty

Nifty opened with a downward gap and selling pressure throughout the session dragged it lower to end near lowest point of theday. Niftyclosed at 22829 with a loss of 263 points. On the daily chart index has formed a small bearish candle forming lower High-Lowcomparetoprevious session and has closed below previous session's low indicating negative bias. The chart pattern suggests that if Nifty breaksandsustains below 22780 level it would witness selling which would lead the index towards 22700-22600 levels. However, if index crossesabove23000 level it would witness pullback rally which would take the index towards 23050-23100.

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