Find out: How Anil Manghnani plays RIL, ONGC, Gail, HUL?

Despite a couple of positive news on the global front, The Indian market saw the session end on a flat note which saw the Nifty at 5,430, up just over 50 points, while the Sensex closed at 18,140.

Anil Manghnani of Modern Shares and Stock Brokers, in an interview with CNBC-TV18's Sonia Shenoy and Mitali Mukherjee, said that he feels the 5,350 level is a very important level and would hold to that level in spite of any dip or fall.
Manghnani further stated, "If the Nifty comes back to 5,500, we would see some sort of selling or profit booking. There might be a small bounce and grind back to 5,500 level." Below is the verbatim transcript of the interview. Also watch the accompanying video. Q: The market ended flat yesterday with just about 40 point range. Do you expect to see a repeated performance today?
A: The market cannot go on like this for too long. We are close to an important support at 5,350 and it would hopefully hold on that level, even if there was another fall or dip. There might be a bounce or grind back to 5,500 levels and in a best case scenario, may be the 5,600 levels.
If it comes back to 5,500 levels, we would see some sort of selling or some profit booking today. Given that the market has been weak throughout this series, the key for this market would be the 5,350 channel bottoms.
As long as it goes there and takes some support and gets a bounce, it is fair enough. Anything below that would open to much downside. I would like to see the market if it drifts to 5,350 levels, holds it and bounces back from there.
Over the last couple of days, it has tried best to hold at 5,400 and succeeded. A small mini bounce back to 5,500 is possible. Q: What are the chances that over the medium-term this market is shifting its range lower and its getting into the groove where there are lower highs and lows as well keeps slipping?
A: We have been focusing a lot on the last two months on what happened from 5,950 to 5,400 levels. If we take a little bigger timeframe of six-seven months, we made three lower tops of which the first one was in November at 6,300, the second was in January at 6,180 and the third was in March-April at 5,944. We have had a series of lower tops.
Only the lower bottom hasn