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NIFTY opened with an upwards gap and continued its previous session's positive movement in initial hour, However profit booking around 23870 levels dragged index lower to close near day's low. Nifty closed at 23669 with a gain of 10 points. On the daily chart the index has formed a Bearish candle with either side long shadows indicating extreme volatility at higher levels. The chart pattern suggests that if Nifty crosses and sustains above 23900 level it would witness buying which would lead the index towards 23900-24000 levels. Important Supports for the day is around 23500 However if index sustains below 23500 then it may witness profit booking which would take the index towards 23400-23300 levels.

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