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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 with nominal gain. Nifty closed at 21647 with a gain of 29 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 crosses and sustains above 21750 level it would witness buying which would lead the index towards 21800-21850 levels. Important Supports for the day is around 21590 However if index sustains below 21590 then it may witness profit booking which would take the index towards 21500-21400 levels.

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