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NIfty

Nifty opened with a positive note but witnessed sideway movement in the first hour. However, selling in the second half led the index lower to close near day's low. Nifty closed at 23383 with a loss of 165 points. On the daily chart index has formed a sizable bearish candle forming lower High-Low compare to previous session and has closed below previous session's low indicating negative bias. The chart pattern suggests that if Nifty crosses and sustains above 23500 level it would witness buying which would lead the index towards 23600-23650 levels. Important Supports for the day is around 23350 However if index sustains below 23350 then it may witness profit booking which would take the index towards 23260-23200 levels

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