IFCI research, Watch Nifty: 24/1/2011

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Watch Nifty

Ø  Nifty remains sideways and till such time it shows significant strength, one would have to assume another leg of down move before finally moving up. Bank Nifty also exhibits a similar structure. Its immediate resistance is around 11200 and on the downside, it has very strong support around 9900-9950.  

Ø  Nifty's support for 24/01 is likely around 5650 and resistance around 5750 give or take 10 points either way.