IFCI research, Watch Nifty :: Feb 17, 2011

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Watch Nifty

Ø  Nifty was stuck in a very narrow groove and was rather listless. It however moved in the range defined by us intra-day ( we had advised longs near 5460 and also mentioned resistance  in the vicinity of 5500-5520). The low was 5460 and high 5504. One has to wait for a clear direction.

Ø  Nifty continues to face resistance around 5500-10 in 17/02 trades with the next level at 5550.

Ø  Like Nifty, many scrips also moved in a small range except the odd ones like Tata Steel on the upside and HDFC on the downside.