Traders may further revise their stop loss to 5350:: GEPL, pdf link

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Traders may further revise their stop loss to 5350. Nifty moved higher for yet another session and ended with a gain of 34 points at 5469. Amongst the sectoral indices the BSE Bankex and CG indices were the outperformers whereas BSE Realty index was the loser in today's trade. After today's move Nifty is now trading close to the resistance of 5477. It is now very important for it to sustain above 5400 if the upward momentum is to continue. Any move below 5400 would be initial sign of weakness and Nifty may further correct till 5350 which is the value of trend reversal for short term. We recommend holding on to long positions with a revised stop loss of 5350. However if Nifty fails to remain firm above 5400 then one must not buy aggressively and protect their long positions with a stop loss of 5350. On the higher side, sustenance above 5400 can result in further upside till 5521. Click to view report