Nifty opened with an upward gap and remained lackluster within narrow trading range throughout the day. Nifty closed at 17624 with a gain of 25 points. On the daily chart the index has formed a small Bullish candle with upper shadow indicating selling pressure as well as resistance at higher levels. The chart pattern suggests that if Nifty crosses and sustains above 17700 level it would witness buying which would lead the index towards 1775 0 -1 7 8 0 0 l evels. Important Supports for the day is around 17580 However if index sustains below 17580 then it may witness profit booking which would take the index towards 17500-17420 levels.
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