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Nifty

Nifty opened with an upward gap and traded with extreme volatility on either side to end on a negative note. Nifty closed at 23025 with a loss of 320 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 5 session's low indicating negative bias. The chart pattern suggests that if Nifty breaks and sustains below 22970 level it would witness selling which would lead the index towards 22900-22800 levels. However, if index crosses above 23100 level it would witness pullback rally which would take the index towards 23200-23300.

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