Nifty opened with an downward gap but witnessed buying from the opening tick to end positive - Jainam Broking Limited
Nifty
Nifty opened with an downward gap but witnessed buying from the opening tick to end positive. Nifty closed at 23484 with a gain of 101 points. On the daily chart the index has formed a Bullish candle which resembles as Marubozu candlestick formation which is a bullish reversal formation. For such formations confirmation is necessary, so if the index breaks below 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 23560 level it would witness buying which would lead the index towards 23650-23770 levels. Important Supports for the day is around 23300 However if index sustains below 23300 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
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