GEPL Technical view – 4th Nov.2010

Nifty opened positive and remained in the green throughout the session to finally end the day with a gain of 41 points at 6160. It is now close to an important resistance range of 6200-6210. If Nifty manages to clear the resistance of 6210 then it may surge higher to test the level of 6284 and even test the all time high however till the time it remains below 6210 it still remains susceptible to selling. In the immediate term it has support placed at 6125 and below that at 6080. A breach of 6080 may turn it short term bearish. The level of 5930 is now a crucial support for Nifty as it coincides with the low of Doji Candle formed on monthly chart. To sum it up Nifty appears bullish till the time it trades above 6080 and clears the level of 6210.


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