GEPL Technical view on Nifty – 01st February 2011 (video)

Today, Market closed at 5506 with a minor loss of 6points comparative to its previous close after a hectic volatile session. We at GEPL were of the view that this fall will take a pause in the area of 5400-5450 and from there a counter trend rally should emerge up to the mark of 5600-5620. 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 5450 and 5390 while resistance is placed at 5590 and 5630.

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

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