GEPL Technical view on Nifty – 23rd September (video)


After a subdued opening Nifty succumbed to selling pressure as the session progressed. However towards the end of the day it recovered some of the lost ground but still ended with a cut of 0.30% at 5991. The trend continues to remain firm ever since it gave a breakout of a multi month trend channel. However in the immediate term it appears overstretched on the chart. The level of 5940 is now a support for Nifty a move below that may bring in further correction till 5870. However the upside target for Nifty remains at 6300 over the course of next few weeks thus any corrections may be bought into. In the immediate term the level of 6054 is the target to watch out for.

As for stocks FSL and IDBI are couple of stocks that appear strong on the charts.

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