GEPL Technical view on Nifty – 07th December (video)

Today Nifty opened positive and added on to its gains in the initial half of the session; however profit booking at higher levels dragged it down so much so that it erased all its morning gains and ended the day on a flat note at 5992. Our recommended view of a positive opening followed by a sell off did materialize. Going forward the correction that we have witnessed from the day’s high on Monday has a high probability of spilling over to the next couple of sessions. In our view Nifty can further correct to 5955 atleast and even lower. On the higher side now the level of 6035 would serve as a resistance on any bounce back. Thus our recommended strategy would be to sell Nifty in case of a bounce with a stop loss of 6075 for a possible downside target of 5955 or lower.

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