Nifty opened with an upward gap but witnessed selling from the opening tick to end near the day's low - Jainam Share Consultants
Nifty
Nifty opened with an upward gap but witnessed selling from the opening tick to end near the day's low. Nifty closed at 25454 withalossof365points. On the daily chart the index has formed a Bearish candle which has totally Engulfed its previous day's move forminga"BearishEngulfing" candlestick formation which is a bearish reversal formation. For such formations confirmation is necessary, so if theindexbreaksbelow previous day's low it would witness a change of trend to the downside. The chart pattern suggests that if Nifty crosses andsustainsabove25650 level it would witness buying which would lead the index towards 25750-25850 levels. Important Supports for the day is around25370However if index sustains below 25370 then it may witness profit booking which would take the index towards 25300-25250 levels.
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SEBI Registration No.: INZ000198735, Research Analyst: INH000006448, PMS: INP000006785
