GEPL Technical view on Nifty – 21st December (video)

Despite a gloomy opening Nifty managed to edge higher as the session progressed, it even made a slightly higher high than Thursday’s session but shaved off some of its to finally end the day almost flat with a marginal loss of 1 point at 5947. We reiterate our cautious view as long as Nifty trades below 5990. Our advise to traders would be to short sell Nifty now and on any bounce back till 15-20 points higher placing a stop loss of 6115. We have a downside target of 5850 for the immediate term. The level of 5800 has now emerged as a crucial support for nifty. A breach of 5800 would confirm further sell off.

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