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India Equity Research Reports, IPO and Stock News
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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Watch Nifty
Ø Nifty cotinued to be weak and also closed below 5600 for the second day. We believe that this indicates indices have turned weak in the near term. As earlier mentioned, it has various supports from 5340-60, 5230-40 and very strong support at 5170-80. Bank Nifty also has solid support around 10,000. Nifty is however ripe for an upward move in the next few sessions in view of short term oversold positions. We remain bullish on the indices on a longer term horizon and repeat that these reactions should be opportunities to invest.
Ø Nifty's resistance for 05/05 is likely around 5600-5610.
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