Watch Nifty -2/21/11 - IFCI Research

Please Share:: India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��

Watch Nifty

Ø  Nifty touched 5600 and reacted by more than 150 points. Investors would have noted that : a) We had repeatedly mentioned that 5550-75 was a strong resistance level and Nifty had to close above for strength ; b) We had also mentioned (on 18/02) that a reaction was imminent and partial profit booking was advised ; c) We had also mentioned that 5600 was the resistance level for 18/02 ; Bank Nifty's resistance on 18/02 was expected around 11300 and the actual high of Bank Nifty on 18/02 was 11300/45 , bang on. Investors would have been sufficiently forewarned, based on our above advise.  

Ø  One has to now address the issue we have been repeatedly looking at – unless Nifty closes above 5575, there is a possibility of one more leg down. Nifty has supports around 5440-5390-5340. If Nifty takes support from any of these levels and goes up to re-test 5575 ( +/- 25 pts.) and close above - then, the correction process is over. But if 5340 is violated on the downside on a closing basis, Nifty could go down all the way to 5100 levels.

Ø   Nifty's support for 21/02 is expected around 5380-90.

Ø  Investors are advised to have a re-look at the support levels for many scrips mentioned by us. Any reaction is an opportunity to invest.