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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 positive note. Nifty closed at 22197 with a gain of 75 points. On the daily chart the index has formed a small bullish candle forming higher High-Low formation compare to previous session indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 22220 level it would witness buying which would lead the index towards 22275-22350 levels. Important Supports for the day is around 22100 However if index sustains below 22100 then it may witness profit booking which would take the index towards 22050-22000 levels.

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