IFCI research, Watch Nifty : 11 Feb 2011

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Watch Nifty

Ø  Nifty continues its journey down. If it closes below 5250 for one more session, we could see it slipping another 2-3% easily. Except for intra day trades, we would not advise any trades on the short side at these levels. Nifty's support levels are around 5100, and 4800 ( below 5250). and on the way up, its immediate resistance levels are likely at 5300 and 5550.

Ø  Nifty's support for 11/02 is expected around 5150 ( +/- 10 pts.) and resistance around 5300 ( +/- 10 pts.)