GEPL Technical view Nifty-22nd March 2011

Despite a positive opening Nifty drifted lower as the session progressed to finally end the day with a loss of 8 points at 5363. We have been maintaining a bearish view for the entire past week and continue with the same bearish stance as long as Nifty trades below the level of 5565. There may be a minor possibility of upsides till 5440 – 5460 range in the immediate term; however such upsides may be best used as an opportunity to sell, placing a stop loss above 5510. We have an opinion that the sideways consolidation since past one and a half months is most likely to resolve on the downside and have a minimum target of 5177 over the next couple of weeks. Further downsides cannot be ruled out below 5177.


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