GEPL’s short term view on Nifty – 23rd May 2011 (video)


Nifty closed at 5486 with a marginal gain of 1% comparative to its previous day close. We at GEPL are of the view that ongoing rally is heading towards the mark of 5600. Cross over and sustenance above 5520 will lift up Nifty quickly to the area of 5600. Short term support for Nifty is placed at 5400 and below that 5350. On the higher side resistance is placed at 5520 and above that at 5600.

Regarding sector specific approach, in the near term Capital Goods and Health care seems to out perform the broader indices while Banking and FMCG seems to under perform the broader market.

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