IFCI research, Equity Buy/Sell (Technical View) March 15, 2011

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Watch Nifty

Ø  Nifty made a volte face and moved up convincingly. It has almost touched 5540. As we near 5600, one needs to be cautious. Unless 5600-5650 band is pierced on a closing basis, the bias could be negative. As advised earlier, investors can hedge these positions by buying 5600/5500 put options but with stops, because if Nifty closes above 5600/5650 convincingly, then the reaction is likely over.

Ø  Nifty's resistance for 15/03 is likely around 5540, 5580 and 5600.