GEPL Technical view 3rd March 2011

Today Nifty closed at 5522 with a massive gain of 3.5% comparative to its previous day close. We at GEPL Capital are expecting that ongoing rally is straightly heading towards the mark of 5600-5635 on the higher side from where once gain the major down trend should resume. From intraday perspective on the downside support is placed at 5470 and below that at 5400 while resistance is placed at 5550 and above that at 5630 will prove to be a major hurdle for bulls. Talking about sector specific, in our view Banking and Capital Goods will out perform the broader indices while Consumer Durables and FMCG will under perform Nifty.


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