Nifty opened with a downward gap and witnessed bounce back in initial hours - Jainam Share Consultants
Nifty
Nifty opened with a downward gap and witnessed bounce back in initial hours. However, selling pressure in second half dragged index lower to close near the day's low. Nifty closed at 22548 with a loss of 6 points. On the daily chart the index has formed a Bullish candle with an upper shadow indicating selling at higher levels. The chart pattern suggests that if Nifty breaks and sustains below 22500 level it would witness selling which would lead the index towards 22450-22400 levels. However, if index crosses above 22625 level it would witness pullback rally which would take the index towards 22700-22750
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SEBI Registration No.: INZ000198735, Research Analyst: INH000006448, PMS: INP000006785
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