GEPL Technical view on Nifty – 20th January 2011 (video)

Today, Market closed at 5691 with a minor loss of 33points comparative to its previous close. We at GEPL were of the view that this fall will take a pause in the area of 5600-5605(200dma) and from there a counter trend rally should emerge up to the mark of 5790. We are also saying that any counter trend rally should be used to exit stuck up long position indicating a temporary relief on positional basis.

Intraday trading, support is placed at 5650 and 5600 while resistance is placed at 5750 and 5790.

Regarding sector specific approach, we are bullish of BSE-Metals and BSE-Heath care while BSE-Capital Goods and BSE-Realty will under perform the broader indices.

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