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

Finally Nifty Futures closed below 5300 but its intermediate trend will turn in downward direction only when its weekly close is below 5300

Now as it has closed below 5300 levels the current downtrend may test the trendline support level placed at 5140.

The short trading positions can be held or created with a stop loss of 5390

Bottom fishing is not recommended as the downward momentum can push nifty to much lower levels

The intermediate trend will turn in upward direction only if the current weekly close will be above the previous weekly close of 5387.

Nifty needs to cross 5450 levels to halt the current strong downward momentum.

As per the weekly time cycle it is likely to remain in a down or sideways trend for 7 more trading sessions.

Imp levels to watch as upward resistance at 5350 and downward support at 5150

TCS Fut sell on positional basis at 1110 with a s/l of 1140 and target of 1060 / 1020

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