GEPL Technical view – 9th March 2011

Nifty opened positive and maintained its gains throughout the session to end the day with a gain of 57 points at 5520. It has been consistently trading below its 200 Day EMA placed near 5600, which is a bearish sign. Going forward we maintain a bearish view for Nifty as long as it trades below 5600. This is because the structure since the February low till date appears to be a corrective one which may give way to another round of sell off in the coming fe sessions. The level of 5600 would serve as a resistance for Wednesday’s session. In case of a breach of 5600 Nifty may scale higher to 5660, On the downside the level of 5455 is a support for Nifty. In case of a breach of 5400 the selling could be aggravated.


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