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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 19425 with a gain of 30 points. On the daily chart the index has formed a Bullish candle r e s e m b l e s a s a P i e r c i n g L i n e candlestick formation which is a bullish reversal candle pattern. 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 breaks and sustains below 19320 level it would witness selling which would lead the index towards 19250-19200 levels. However if index crosses above 19450 level it would witness pullback rally which would take the index towards 19500-19600.

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