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Nifty

Nifty opened with a downward gap and witnessed pullback rally at lower levels however selling pressure at higher levels dragged index to close in negative territory. Nifty closed at 19543 with a loss of 82 points. On the daily chart index has formed a Doji candle however it remained restricted within previous session's High-Low range indicating absence of strength on eitherside. The chart pattern suggests that if Nifty breaks and sustains below 19500 level it would witness selling which would lead the index towards 19400-19300 levels. However if index crosses above 19600 level it would witness pullback rally which would take the index towards 19700-19800

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