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Nifty

Nifty opened with a downward gap and traded with extreme volatility on either side to end on negative note. Nifty closed at 22763 with a loss of 150 points. On the daily chart, the price movement has taken a shape of small bearish candle carrying either side shadows representing volatile session. It has formed lower High-Low formation compare to previous session which remains a negative sign. The chart pattern suggests that if Nifty breaks and sustains below 22700 level it would witness selling which would lead the index towards 22650-22750 levels. However, if index crosses above 22950 level it would witness pullback rally which would take the index towards 23150-23250.

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