GEPL Technical view on Nifty – 17th February 2011 (video)

After a lackluster opening Nifty remained in a very narrow rage throughout the session and ended the session almost flat at 5481. For Thursday’s session Nifty has resistance placed at 5510. As long as it remains below 5510 there is a possibility that we may witness a correction till 5428 to 5410 level. Even in case of a move beyond 5510 the upside appears to be limited till 5560. One may go short on Nifty at present level and on a bounce of 15-20 points placing a stop loss of 5560. The target of 5410 is a distinct possibility in next couple of sessions. Once the correction that we foresee stops near 5400 levels and nifty stabilizes, it would provide a short term buying opportunity for traders.

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