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Nifty 

Nifty opened with downward gap and extended its down move in initial hours making day low around 24568. However buying support at lowerlevels recovered most of the earlier losses to end on a positive note. Nifty closed at 24854 with a gain of 104 points. On the daily chart theindexhas formed a small Bullish candle carrying lower shadow indicating buying support at lower levels. The chart pattern suggests that if Niftybreaksand sustains below 24550 level it would witness selling which would lead the index towards 24500-24350 levels. However if index crossesabove24900 level it would witness pullback rally which would take the index towards 25000-25200

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