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Nifty

Nifty opened with an upward gap and traded positive in initial half. However profit booking in second half erased most of the earlier gains which led index to close on flat note. Nifty closed at 24836 with a gain of 1 points. On the daily chart the index has formed a small Bearish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction. The chart pattern suggests that if Nifty breaks and sustains below 24770 level it would witness selling which would lead the index towards 24600-24500 levels. However if index crosses above 25000 level it would witness pullback rally which would take the index towards 25100-25200.

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