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Nifty

Nifty opened with an upward gap and witnessed consolidation for most part of the session. However last hour pullback action pulled index higher to close near the day's high. Nifty closed at 19890 with a gain of 95 points. On the daily chart index has formed a sizable bullish candle forming higher High-Low compare to previous session and has closed above previous seven session's high indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 19920 level it would witness buying which would lead the index towards 20000-20050 levels. Important Supports for the day is around 19800 However if index sustains below 19800 then it may witness profit booking which would take the index towards 19700-19650 levels.

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