Watch Nifty, IFCI research, 30 March 2011

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Watch Nifty

Ø  Nifty has closed above 5650 yet again and has passed the litmus test. We had also earlier mentioned that time wise correction could last till March, 2011. This condition is also satisfied. Therefore we have reasons to believe that the correction phase is over. However, Nifty and Bank Nifty have gone up during the last few sessions and a correction is expected in the next one – two sessions.  Buy only on corrections with stops around 5340 in Nifty and 10600 in Bank Nifty.

Ø  Nifty's resistance for 30/03 is likely around 5800 (+/- 10 pts.) and support around 5650 ( +/- 10 pts.)