GEPL Technical view on Nifty – 03rd February 2011 (video)

Nifty Futures closed at 5443 which is 19 points higher than its previous close of 5424.It opened with upward price gap of 62 points at 5491 but resisted at 5510 levels.A steep fall was seen near the closing session where it tested the bottom of 5421.Now the crucial support level is at 5400 below which the fall could extend up to 5350.
The immediate resistance for nifty futures is placed at 5550 and after surpassing this level nifty futures will try to test the next resistance zone of 5600 -5650.Fresh trading buying positions are not recommended till higher bottom formation is seen in Nifty Futures. The current fall is started from intermediate level of 5800 and the short term trend will remain in the downward direction till Nifty Futures crosses 5800 mark on closing basis. The intraday resistance levels for Nifty Futures are placed at 5500 and 5550 whereas the support levels are placed at 5400 and 5350 respectively.

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