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Watch Nifty
Ø Nifty moved near 6150 and also expectedly resisted near that level and closed below it. A few more attempts will be made at this summit. The bias, as we have been maintaining is positive and investors can keep a stop around 6040 and hold longs. If it is unable to move past 6150 and slips below 6040, one has to be cautious.
Ø Along with Nifty, metals and tech sector look good. Autos, healthcare also have the potential to move up further if Nifty picks up momentum. FMCG has shown first signs of breakout. Though Banks have moved up, it has to reach 12,250 levels as proof of strength. Realty is still weak.
Ø Nifty's resistance for 03/01/11 is likely around 6160 (+/- 10 pts.)
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