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Nifty

Nifty opened with a downward gap however buying momentum at lower levels pulled index higher to end near day's high. Nifty closed at 22575 with a gain of 173 points. On the daily chart index has formed a sizable bullish candle forming higher High-Low compare to previous session and has closed above previous eight session's high indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 22630 level it would witness buying which would lead the index towards 22700-22800 levels. Important Supports for the day is around 22500 However if index sustains below 22500 then it may witness profit booking which would take the index towards 22380-22300 levels.

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