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Watch Nifty
Ø Nifty continued its move up (even though in a violent way intra-day) to end near 5900. Now it is time to look at the resistance levels which maybe 5950-60, 6000 & 6050-60 and Nifty can turn down from any of the levels mentioned above. It needs to cross 6050 (+/- 10 pts.) on a closing basis and a clear indicator would be 6150 (+/- 20 pts.) to confirm bullishness.
Ø Nifty's resistance for 14/12 is likely around 5950.
Ø As no one can predict with certainty the bottom, we have been insisting that long term and medium term investors can cherry pick whenever there is panic. The 5700 level was one such. We have already tested these levels twice and bounced up. Even if it were to be pierced on the downside - the risk (3-5%) and reward (10-15%) is clearly in favour of buying.
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