Nifty may test 5300-5310 if it crosses 5180: Angel Broking

Excerpts from Markets Midday on CNBC-TV18 Watch the full show » RELATED NEWS Don’t see sustainable move above 5200-5300 level: CLSA Nifty to breach 5150-5200 if Reliance rallies Mkts to trade in 5000-5300 range in March ALSO READ See what other experts are saying about markets See what FIIs are saying about the markets See what Udayan Mukherjee is saying about the markets Nifty BSE | NSE 29/05/12 Are Mutual Funds betting on Nifty?

In an interview with CNBC-TV18, Shardul Kulkarni, Senior Technical Analyst, Angel Broking, spoke about his reading of the market and his outlook.

Here is a verbatim transcript of the exclusive interview with Shardul Kulkarni on CNBC-TV18. Also watch the accompanying video.

Q: What would your call be for a trader today and more importantly what would your call be for a positional trader on the Nifty say up till the end of this contract?

A: I would say that on the lower side 5090 and on the upside 5170, these are the two levels we need to watch out for. The reason is that the markets have been trading in this range for a long time and there is no indication on which side it will breakout. Although the market gives you clear signals that the breakout or the breakdown will show you significant moves at least of 5-6% either side. So if 5180 is crossed with good volumes then you might take out the top for January which is around 5300-5310 while on the lower side if 5090 is broken then you can expect lower levels of around 4900 on the Nifty.

The reason is that we are not getting clear signals. Reliance , on one hand, is pulling the markets upwards, but the banking index is pulling the markets downwards. So we need a good move on either side and most of the stocks to contribute in one direction for us to take a call on either side of the market.

Disclosures: We have recommended the stocks to our clients but I do not own any of the stocks discussed.