GEPL Technical view on Nifty – 16th February 2011 (video)

Today, Market closed at 5486 with a gain of 30 points comparative to its previous close. We at GEPL were of the view that this counter trend rally will face major supply in the region of 5520-5530 from where once again major sell-off is on cards. In our view this counter trend rally should fizzle out in the area of 5520-5530 from where the intermediate downtrend should resume once again. 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 5400 while resistance is placed at 5520 and 5600.

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

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