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Watch Nifty
Ø Nifty pierced all three important support levels, including 5950. While we expected Nifty to re-test 6150, it had on the contrary, pierced 5950. The long term, medium term view remains positive. In the near term, Nifty has presently negative bias. It has suports around 5850, 5790, 5690-5700. It could reverse up from any one of the support levels. Only if it closes below 5690, we would have to be concerned because Nifty could then go down by another 200 points. Similarly, Bank Nifty has supports around 10900-11000 and then 10,500.
Ø Nifty's support for 10/01 is likely around 5880 and 5850.
Ø When Nifty shows signs of strength (ie. when it takes support from 5850 or 5790 and moves up) , we an expect a trend reversal in the following :
o Sterlite Ind.; Tata Steel ; Polaris ; Praj ; NTPC ; Arvind Mills.
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