GEPL Technical view – 8th March 2011

Nifty opened weak in the morning; in fact it was a gap down opening. It remained under selling pressure for the initial half of the session but took support near 5400 and bounced back. Despite the bounce it ended with a loss of 75 points at 5463. Overall it appears weak as the move since Feb low till now is a corrective one. It has support placed at 5400 and below that at 5350. If it manages to trade above this support range then it may edge higher to 5500-5530 band. However till the time it trades below 5600 which is below its 200 Day EMA, it continues to remain weak


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s