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Watch Nifty
Ø Nifty violated the crucial 5690 levels to slip to 5640. This could mean that Nifty could fall further upto 5400 ( + / - 2%) and timewise, the correction could last till Feb/March. It could also linger in a sideways mode once the bottom is found.
Ø Nifty has support around every 50 pts. dip like 5600 5550 and near 5500. Investors need to be patient in this phase of the market.
Ø Nifty's support for 17/01 is likely around 5550 ( +/- 10 ) pts.
Ø We believe that there could be gyrations in Nifty - Nifty could bounce up sharply and react equally swifty.
Ø While long term investors could stay invested, short-term investors could use the volatility to their advantage - by buying frontline scrips near support levels and book profits on a 5-10% gain. We have seen this on any number of occasions in the past.
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