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Watch Nifty
Ø Nifty and Bank Nifty made a small move up but not a convincing one at that. It perhaps has one more leg down but one has to wait for a confirmation. If Nifty is unable to get past 5850-5900 levels - it could be safely assumed that it could head down again. Investors can also consider hedging by buying put options/selling calls at higher levels of 5850-5900. Bank Nifty similarly has stiff resistance around 10950 and then around 11150.
Ø Nifty's resistance for 19/01 is expected around 5750 ( +/- 10 pts.).
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