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NIFTY TECHNICAL

Nifty opened with a downward gap and witnessed buying momentum in initial hours. However, it has remained lackluster withinnarrowtrading range throughout the session. Nifty closed at 22509 with a gain of 112 points. On the daily chart index has formed a bullishcandlehowever it remained restricted within last week Thursday session's High-Low range indicating absence of strength on eitherside. Thechartpattern suggests that if Nifty crosses and sustains above 22580 level it would witness buying which would lead the index towards 22650-22700levels. Important Supports for the day is around 22370 However if index sustains below 22370 then it may witness profit booking whichwouldtake the index towards 22300-22250 levels.

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