IGI Logo

Nifty

Nifty opened with a downward gap but traded positive in initial hour. However, profit booking throughout day erased most of theearliergainswhich led index to close on a negative note. Nifty closed at 24549 with a loss of 93 points. On the daily chart the index has formedasmallBearish candle with upper shadow indicating selling pressure as well as resistance at higher levels. The chart pattern suggests that if Niftycrosses and sustains above 24700 level it would witness buying which would lead the index towards 24800-24850 levels. Important Supportsforthe day is around 24500 However if index sustains below 24500 then it may witness profit booking which would take the index towards24400-24290 levels.

Please refer disclaimer at https://jainam.in/
SEBI Registration No.: INZ000198735, Research Analyst: INH000006448, PMS: INP000006785