IFCI research, Jan 21, 2011: Watch Nifty

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Watch Nifty

Ø  Nifty exactly took support from the levels mentioned by us(5630) and made a huge reversal up. Some investors have asked us if the "one more leg down" mentioned by us earlier is over (with today's reaction in nifty ). Our response is that we would probably have to wait for a few sessions before we could draw any conclusion. However as we have been maintaining, we are nearer the bottom now than any time in the past and the risk reward ratio is definitely in favour of bulls. However Nifty faces major hurdle around 5870-80 and Bknifty around 11170-200.

Ø  For 21/1 Nifty's resistance is 5750-70.