GEPL’s Weekly Technical view on Nifty – 20th April 2011

Nifty has been highly volatile since past several days ever since it reacted from an important Trend Line resistance joining the previous intermediate peaks. The level of 5944 continues to remain as a very crucial resistance for Nifty, till the time it trades below 5944 the trend continues to remain down. On declines the range of 5640 to 5600 is a key support area, should the present decline halt near this range we may still have some upside pending, alternatively if it breaches this range convincingly then further sell off cannot be ruled out.

As for Stocks we like Pipavav Shipyard on the long side whereas Tata Motors may be sold for three to five sessions.


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