GEPL Technical view on Nifty – 17th March 2011 (video)

Today, Nifty closed at 5510 with a gain of almost slightly higher than 1% comparatively to its previous closed. We at GEPL Capital are of the view that this rally is straightly heading towards the area of 5560 where it is going to face major supply. Crossover and sustenance above this value area can lead this rally up to the mark of 5650-5670 range where its 200DMA is placed. On the downward side market has got good support at 5460 and below that 5400 will provide major support to the market. In our opinion, BSE-Capital Goods and BSE-Metals will outperform the broader indices in short term while BSE-FMCG and BSE- Consumer Durable will under perform the broader indices.

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