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Nifty

Nifty opened with downward gap and selling pressure throughout the session dragged it lower to end near lowest point of the day . Niftyclosedat 24574 with a loss of 75 points. On the daily chart index has formed a small bearish candle forming lower High-Lowcomparetoprevioussession and has closed below previous session's low indicating negative bias. The chart pattern suggests that if Nifty breaks and sustainsbelow24530 level it would witness selling which would lead the index towards 24480-24400 levels. However, if index crosses above 24670level itwould witness pullback rally which would take the index towards 24730-24800.

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