GEPL Technical view 15th March 2011

Nifty opened weak but inched higher steadily as the market progressed. it finally ended the day with a gain of 86 points at 5531. It has immediate resistance placed at 5565. Should it manage to sustain beyond 5565 there may be further upsides till 5680 in next few sessions. However till the time it does not clear the resistance of 5565 it remains bearish. On the downside the level of 5450 followed by 5400 are important support levels. A breach of 5400 would bring in further bearishness. We recommend taking directional bets on either side confirmation of a breakout beyond 5565 or 5450 which ever comes earlier.


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