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Watch Nifty
Ø Nifty made a stout reversal from the support of 5400 mentioned by us. The recovery, however, has to be sustained. We can expect a lot of volatility when the base formation takes place. Nifty has resistance around 5650-90 levels and then around 5800. Bank Nifty has resistance around 11300 levels. Unless these levels are crossed on a closing basis conclusively, we can still expect one more leg down. However, as we have been maintaining, we are nearer the bottom.
Ø Nifty's resistance for 01/02 is likely around 5560-70.
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