GEPL Technical view on Nifty 27th December (video)

Nifty Futures closed at 6037 which is 41 points lower than its previous close of 5996. On Friday, Nifty Futures crossed and closed above the day’s resistance of 6030 and is now heading towards 6090. The weekly close was 74 points positive in comparison to the previous week’s close and is showing a bullish candle. The earlier high of Nifty Futures is placed at 6094 in the current consolidation zone and hence a strong resistance may be seen at this level. In the intraday chart, 5965 is showing a double bottom structure. Hence the crucial support level is revised to 5950 from 5900. As 6100 is a strong resistance, positional buying is not recommended at the current level and the stop loss for existing long positions is maintained at the 5950 levels. The short term trend reversal level is placed at 6150 on closing basis. The intraday supports for Nifty Futures are placed at 6010 and 5950 whereas the resistance is placed near 6090. On stock specific, buying is recommended in UNIPHOS Futures (CMP 161.50) / Stop Loss 154 / Target 169.

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