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.

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