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Nifty

Nifty opened with downward gap and extended its down move in initial hours. However buying support at lower levels recovered most of the earlier losses to end on a flat note. Nifty closed at 24347 with a loss of 21 points. On the daily chart the index has formed a "Doji " candlesti ck formation indicating indecisiveness amongst market participants regarding the direction. The chart pattern suggests that if Nifty breaks and sustains below 24200 level it would witness selling which would lead the index towards 24100-24000 levels. However if index crosses above 24480 level it would witness pullback rally which would take the index towards 24550-24600.

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