Global markets making corrective recovery: PA Rajan

ET Now spoke to PA Rajan, Technical Analyst, MF Global on his view on global markets and Asian indices.

How are you looking at playing the index?

All the global markets are making a corrective recovery from May 25 low but some markets are outperforming like India, Jakarta Composite, Singapore STI. Other markets are at the low.

So far as India is concerned, this is a way be that can go bit higher. So my target for Nifty, it can go until 5550 or 5600. There is a resistance line coming from last year high. Last year October if you draw a line, there is a resistance line is there, this is somewhere around 5600 but to go there, you should hold the 5210 level. That is a critical level for Nifty.