Nifty has target at 5481: Prakash Gaba

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Technical Analyst, Prakash Gaba:

Nifty (5382): we said 'technically the market is still up and the target beyond 5435 is 5481 and continue long as long as 5340 holds. The support for the Nifty is at 5340 and resistance at 5435-5481'. The market unfolded as expected and saw the high at 5428 and never crossed our strong resistance of 5435.

Technically the trend is still intact up as the market has traded in a sideways mode for 5 trading session and stayed over 5322 zone. I would say that the market is still up as long as 5322 holds.

The crucial support for the Nifty is at 5322 and the target beyond 5435 is 5481.