17 May 2011

IFCI research, Watch Nifty: 17 May 2011

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Watch Nifty
Ø  Nifty showed weakness yet again. It has been moving sideways with a negative bias for quite some time now. It has good support around 5180-5200. We reiterate that it is an opportunity for long term/medium term investors to start investing as the long term outlook for the market is quite positive.

Ø  Nifty's support for 17/05 is expected around 5450 and resistance around 5550 (+/- 10 pts.)

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