Watch Nifty, IFCI research, 29 March 2011

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Watch Nifty

Ø  Nifty has also closed above 5650. Though there is a break-out- we still have to pass the litmus test of the Nifty closing above 5650 in tomorrow's session. If it does, then the reaction can be considered over and the short term and medium term view would also turn bullish and in sync with the long term trajectory.

Ø  Nifty's resistance for 29/03 is around 5750 (+/- 10 pts.) and support around 5600 (+/- 10 pts.)

Ø  Many scrips have already given good returns. Investors would have noticed that we had always been giving only buy recommendation in this recent entire reaction from 6300 to 5200. Unlike in the past when we had also given sell recommendation (when Nifty reacted from 6300 to 2200). The reason being that in the latter, the long term view was bearish but the current reaction is only a correction in a long term bull market. We had also given support levels for buying/averaging of many frontline scrips - be it HDFC, HDFC Bk., Can Bank, LIC Hsg. Fin., L&T to name a few.We presume that investors would have benefitted. If the present correction is over, all our recommendations would be multi-baggers.