Short term view on Nifty – 09th May 2011 (video)

GEPL Capital brings to you short term outlook Nifty. Watch the video to get a wrap of the Nifty

Nifty closed at 5550 with a gain of slightly higher than 1.5% comparative to its previous day close. We at GEPL are of the view that market is placed at very crucial support of 5550. Breach and sustenance below 5550 may drag down Nifty up to the mark of 5400 in the immediate short term. Market is continuously facing supply in the area of 5700 and above that at 5750 where its 200-DMA is placed. Due to the slightly oversold nature of the market in extreme short term, a minor rebound up to the mark of 5700 may come where positional traders can go short with a stop loss placing at 5760 and target of 5300-5350.

In our view, BSE –Bankex, BSE-Auto and BSE –Realty will under-perform the broader market while BSE Health Care and BSE FMCG will out-perform the broader markets.


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