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Nifty

Nifty opened with downward gap and extended its down move in initial hours making day low around 24679. However, buying support at lowerlevels recovered most of the earlier losses to end near day's high.. Nifty closed at 25088 with a gain of 263 points. On the daily chart indexhasformed a bullish candle however it remained restricted within previous session's High-Low range indicating absence of strengthoneitherside.The chart pattern suggests that if Nifty breaks and sustains below 24670 level it would witness selling which would lead the indextowards24600-24500 levels. However, if index crosses above 25100 level it would witness pullback rally which would take the index towards25200-25300.

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