GEPL Technical view on Nifty – 18th February 2011 (video)

Today Nifty has closed at 5546 with an impressive gain of slightly higher than 1%. We at GEPL were of the view that market will not able to move beyond the major resistance of 5520-5530 which didn’t materialize today. In fact Nifty was able to surpass and sustain above 5530 and has given a strong close almost near to its intraday high. Now in our opinion we are straightly heading towards area of 5620-5630 from short term perspective. From Intraday point of view market has got good support at 5490, 5450 and 5400 while resistance is placed at 5600 and 5630(200DMA). From sectoral indices perspective in our view BSE-Metals and BSE-Capital Goods is going to outperform the broader indices while BSE-Bankex and BSE-FMCG will under perform the broader indices.

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