Short term view on Nifty – 11th May 2011 (video)
Today Nifty closed at 5541 with a minor loss of 10points comparative to its previous day close. We at GEPL are of the view that market is placed at very crucial support of 5450. Breach and sustenance below 5450 may drag down Nifty up to the mark of 5350 in the immediate short term.
Market is continuously facing supply in the area of 5700 and above that at 5750 where its 200-DMA is placed.
Due to the slightly oversold nature of the market in extreme short term, a minor rebound up to the mark of 5700 may come where positional traders can go short with a stop loss of 5775. .
In our view, BSE –Bankex, BSE-Auto and BSE –Realty will out-perform the broader market while BSE Health Care and BSE Consumer Durable will under-perform the broader markets.
