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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 23592 with a gain of 105 points. On the daily chart the index has formed a Bullish candle which has covered more than half of its previous day's bearish move thereby forming a Piercing Line candlestick formation which is a bullish reversal formation. For such formation confirmation is necessary, so if the index breaks above previous day's high it would witness a change of trend to the upside. The chart pattern suggests that if Nifty crosses and sustains above 23650 level it would witness buying which would lead the index towards 23750-23850 levels. Important Supports for the day is around 23500 However if index sustains below 23500 then it may witness profit booking which would take the index towards 23450-23400 levels.

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