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Nifty

Nifty opened with an downward gap and selling pressure throughout the session dragged it lower to end near lowest point of the day . Nifty closed at 24718 with a loss of 293 points. On the daily chart index has formed a small bearish candle forming lower High-Low compare to previous session and ha s c los ed below prev ious session's low indicating negative bias. The chart pattern suggests that if Nifty breaks and sustains below 24700 level it would witness selling which would lead the index towards 24600-24500 levels. However if index crosses above 24850 level it would witness pullback rally which would take the index towards 24950-25000

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