Nifty opened with a downward gap and witnessed bounce back in initial hours

2025-05-14 10:16:46 am | Source: Jainam Share Consultants

Nifty opened with a downward gap and witnessed bounce back in initial hours - Jainam Share Consultants

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Nifty

Nifty opened with a downward gap and witnessed bounce back in initial hours. However, selling pressure in second half draggedindexlowertoclose near the day's low.. Nifty closed at 24594 with a loss of 331 points. On the daily chart the index has formed a bearish candlewithlongupper shadow indicating selling pressure as well as resistance at higher levels. The chart pattern suggests that if Nifty breaks and sustainsbelow24380 level it would witness selling which would lead the index towards 24250-24150 levels. However, if index crosses above 25000level itwould witness pullback rally which would take the index towards 25050-25250.

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Nifty opened with a downward gap and witnessed bounce back in initial hours - Jainam Share Consultants

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