GEPL Technical view – 9th Feb.2011

5300 is now make or break levels for nifty futures.

It closed at 5320 which is 74 points lower than its previous close of 5394 continuing the downtrend which just survived for closing below the crucial level of 5300.

Now if it trades below 5300 for two consecutive trading sessions then the intermediate trend is expected to turn in downward direction where support is at 5200

Breach of 5300 on closing basis will also confirm the breakdown of Falling Wedge Pattern which will tighten the grip of bears of market.

The only chance of reversal is closing above 5450 with higher trading volumes to keep the intermediate trend in upward direction.

The upward breakout of Falling Wedge Pattern is still maintained at 5566 above which strong corrective trend will be visible.

The stop loss for existing trading buying positions is at 5300 on closing basis.

Imp r 5450 nd s 5200

Bajaj Auto fut buy @ 1240 sl 1200 trgt 1280


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