It was second consecutive positive day for Nifty with substantial gains today. As we predicted Nifty traded the same and the technical recovery or short covering has led Nifty to bounce back to the resistance level of 4,740-4,750. Market sentiments have improved considerably, however the trend is expected to become bullish only after 4,750 level is breeched on daily closing basis. Fundamentally strong banking and capital goods stocks can be accumulated at current levels. Global developments will continue to influence the market direction.
Nifty Intraday Levels For 23-Dec
For Intraday Trading Tomorrow 23-Dec Nifty may face stiff resistance at 4,770-4,800 levels. On the downside Nifty has strong support at 4,680 levels.
Trading Strategy For 23-Dec
Trade long in Nifty only if it sustains above 4,700 levels with a stop loss of 4,680 for targets of 4,750. Alternatively, trade short in Nifty below 4,680 levels or if the Nifty fails to cross 4,750 levels.
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