GEPL Technical Nifty view for 16th July


After a lackluster opening Nifty remained n a very narrow range throughout the session and ended with a loss of 7 points at 5378. We had recommended a sell based on the “Shooting Star” pattern formed on the daily chart yesterday. We maintain a sell on Nifty for a target of 5360 followed by 5325. The stop loss for the sell trade may be placed at 5440. The level of 5200 is a crucial support for Nifty for next couple of weeks. Only a breach of 5200 would intensify the selling.

As for stocks we recommend a buy on McDowell whereas Sesa Goa appears weak on the chart.

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