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Nifty

Nifty opened with downward gap and extended its down move in initial hours making day low around 24600. However, buying support at lowerlevels recovered most of the earlier losses to end near day's high. Nifty closed at 24821 with a gain of 140 points. On the daily chart theindexhas formed a Bullish candle which has totally Engulfed its previous day's move forming a "Bullish Engulfing" candlestick formationwhichisabullish reversal formation. For such formation confirmation is necessary, so if the index breaks above previous day's high it wouldwitnessachange of trend to the upside. The chart pattern suggests that if Nifty breaks and sustains below 24700 level it would witness sellingwhichwould lead the index towards 24640-24600 levels. However, if index crosses above 24850 level it would witness pullback rally whichwouldtakethe index towards 24900-25000

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