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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 24681 with a loss of 156 points. On the daily chart the index has formed a Bearish candlewithalongupper shadow indicating selling at higher levels. The chart pattern suggests that if Nifty breaks and sustains below 24640 level it wouldwitnessselling which would lead the index towards 24550-24500 levels. However, if index crosses above 24750 level it would witness pullbackrallywhich would take the index towards 24800-24850

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