IGI Logo

Nifty

Nifty opened with a downward gap however buying momentum at lower levels pulled index higher to end near day's high. Nifty closedat 25683with a gain of 212 points. On the daily chart the index has formed a Bullish candle which has totally Engulfed its previous day's moveforminga"Bullish Engulfing" candlestick formation which is a bullish reversal formation. For such formation confirmation is necessary, soif theindexbreaks above previous day's high it would witness a change of trend to the upside. The chart pattern suggests that if Nifty crosses andsustainsabove 25700 level it would witness buying which would lead the index towards 25760-25850 levels. Important Supports for the dayisaround25560 However if index sustains below 25560 then it may witness profit booking which would take the index towards 25500-25400levels.

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