Nifty has target of 5398-5421: Gaba

Nifty (5365): We said ‘technically what we have witnessed so far is just a pause in the down move and the crucial level now to watch would be 5233 and if that goes then we should see the market slide down closer to 5170 levels. However, I must say that 5435 is stiff resistance to deal with’. The market did not breach the crucial levels opened with a bull gap crossing our resistance of 5435 with ease and thus generating a buy signal and has stopped just near a strong resistance of 5366. Now 5300 has become a strong support and next logical target is 5398-5421.

The crucial support for the Nifty is at 5300 and the target is 5398-5421.