Nifty gains 46 points to close at 6077 - GEPL Capital

Nifty opened positive and maintained most of its gains throughout the session to conclude the day with a gain of 46 points at 6077. The range of 6100 to 6130 would continue to serve as a severe resistance for Nifty for the immediate term. As long as it is unable to surpass this range there is a risk of a reversal.

However the level of 6000 is now the immediate support for Nifty, below which the reversal gets confirmed. If it breaches the immediate support of 6000 then it opens up the possibility of a further decline till 5900 at least and below that the sell off can extend further in the coming days and weeks.

We recommend a cautious stance at this point of time and also suggest some profit taking at present levels in Nifty long positions. In the alternate scenario if 6133 is surpassed then the immediate term bearish view would be negated and Nifty may inch higher till 6230.

Source : Equity Bulls

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