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Nifty

Nifty opened with an upward gap but witnessed selling from the opening tick to end near the day's low. Nifty closed at 24531 with a loss of 270 points. On the daily chart the index has formed a Bearish candle which resembles as Dar k Cloud cover candlestick formation which is a bearish reversal formation. For such formations confirmation is necessary, so if the index breaks below previous day's low it would witness a change of trend to the downside. The chart pattern suggests that if Nifty breaks and sustains below 24500 level it would witness selling which would lead the index towards 24450-24400 levels. However if index crosses above 24700 level it would witness pullback rally which would take the index towards 24750-24850.

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