Nifty Opens with Gap Down, Faces Resistance at Higher Levels, Closes Negative

2025-01-20 09:56:33 am | Source: Jainam Share Consultants

Nifty Opens with Gap Down, Faces Resistance at Higher Levels, Closes Negative - Jainam Share Consultants

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Nifty

Nifty opened with a downward gap and witnessed pullback rally at lower levels however selling pressure at higher levels draggedindextoclosein negative territory . Nifty closed at 23203 with a loss of 109 points. On the daily chart the index has formed a "Doji" candlestickformationindicating indecisiveness amongst market participants regarding the direction. The chart pattern suggests that if Nifty crosses andsustainsabove 23400 level it would witness buying which would lead the index towards 23450-23500 levels. Important Supports for the dayisaround23270. However, if index sustains below 23270 then it may witness profit booking which would take the index towards 23200-23100levels.

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Nifty Opens with Gap Down, Faces Resistance at Higher Levels, Closes Negative - Jainam Share Consultants

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