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Nifty

Nifty opened with a downward gap but traded positive in initial half. However, profit booking in second half erased most of theearliergainswhich led index to close on a negative note. Nifty closed at 23092 with a loss of 113 points. On the daily chart the index has formedaBearishcandle with a long upper shadow indicating selling at higher levels. The chart pattern suggests that if Nifty breaks and sustains below23050level it would witness selling which would lead the index towards 23000-22950 levels. However, if index crosses above 23200level it wouldwitness pullback rally which would take the index towards 23300-23400.

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