Shrikant Chouhan, head - technical research, Kotak Securities:
Nifty has strong support at 5,130 levels. Current Trend of the market in the short term is positive. Up move in the market will face stiff resistance at 5,220 levels ; as this is 200 days moving average, sustaining above the same will lead to higher levels in markets of 5,300 and 5,400. On the lower side breach of 5,130 will be viewed negatively for lower level targets of 5,050 and 4,950
Alex K Mathews, head technical and derivatives research, Geojit Financial Services:
``Strong EURO lifted the sentiments in metal stocks. Rupee appreciation helped the broader market sentiments. Nifty opened above the 5,200 mark which was supported by the heavy weight stocks like Reliance and Infosys. The markets came down as of selling seen in some of the stocks like Banking and FMCG. The short term RSI is indicating heavy over bought situation. The world economic forum in DAVOS, the Policy makers from European Union shared their ideas to pull down the euro zone from debt crisis. As the technical indicators are on the verge of giving selling indication one should reduce long positions especially at around 5,250 levels.``
Shanu Goel, sr.research analyst, Bonanza Portfolio:
``Nifty has gained more than 10% in a short duration of a month’s time. RBI`s move has helped in bolstering the confidence in Indian equities, further aiding the uptrend. However, after the recent gains, profit booking at hhigher levels of 5,200-5,220 cannot be ruled out. On downside 5,050 and then 4,950-4,940 will act as major support levels for the short term.``
Milan Bavishi-head research, Inventure Growth and Securities:
``The entire month of January 2012 has been cheerful for the Indian equity markets, will the rally continue in February too? To analyze that one must consider the facts that Nifty is currently trading at its 200 day moving average. Historically 200 DMA has acted as a strong resistance for markets and the corrections from there have been sharp. Further the rise in Nifty for the entire month has been sharp without any meaningful profit booking. This makes Nifty even more vulnerable to profit booking. Any recovery in dollar rates vs. rupees can also aide in profit booking. So at this levels, caution is advised because a correction from current level could take Nifty to 4,980 levels on the downside. On the flip side, the upside from here is limited to 5,250 where Nifty will meet resistance from the downward sloping trendline.`` (source www.myiris.com ) For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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