GEPL Technical view on Nifty – 21st February 2011 (video)

Today Nifty has closed at 5458 with a massive loss of slightly higher than 1.5% comparative to its previous close. We at GEPL are of the view that a further decline up to the area of 5390-5400 where short term traders can go long with a s/l of 5310 and target of 5630.From Intraday point of view market has got good support at 5400 and 5350 while resistance is placed at 5520 and 5630(200DMA). From sectoral indices perspective in our view BSE-Metals and BSE-Banking is going to outperform the broader indices while BSE-Consumer Durables and BSE-FMCG will under perform the broader indices.

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