GEPL Technical view on Nifty – 10th January 2011 (video)

Today, Market closed at 5904 with a massive loss of 145 points comparative to its previous closed which of loss of roughly 2.4% in terms of percent. We at GEPL were of the view that this fall will take a pause in the area of 5930 which didn’t materialize and the stop loss got triggered for positional traders. Technically speaking, the crack down which has developed is indicating further decline up to the area of 5690-5700 on positional basis. Regarding intraday trading, support is placed at 5890 and 5850 while resistance is placed at 5960 and 5990.

Regarding sector specific approach, we are bullish of BSE-Metals and BSE-Bankex while BSE-Health Care and BSE-Realty will under perform the broader indices.

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