20 Dec , 2021 By : monika singh
Amit Trivedi, YES Securities
Snapping the two-week winning streak, Nifty50 lost 3 per cent in the week gone by. On Friday, despite a positive start Nifty50 yet again failed to build on gains at higher levels. Eventually, Nifty50 erased early gains, and selling intensified as it broke below Thursday’s low. Forming a sizable bearish candle, the headline index ended at 16985, down 263 points.
The swift decline in Nifty50 ensures a shift of range on the downside with immediate hurdle is now seen near 17300, whereas sustenance below 17000 could drag the index till the 17940-17880 zone.
Breaking below the prior week’s low, Bank Nifty lost 4 per cent in the past week. Minor recovery in the index may be seen, however, levels of 36500 could turn out as immediate resistance.
All the sectoral indices ended in red, except the IT index; stability is required for any revival to set in.
Sell
UPL
December futures near Rs 723-725Stop loss: Rs 745
Target: Rs 680
The appearance of multiple bearish candles ensures influence of the resistance at play for UPL stock. Inability to hold current levels could attract further price correction.
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