IFCI research, Watch Nifty: 17 June11

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Watch Nifty

Ø  Nifty reacted sharply towards the end and touched the first support level of 5380 on the downside. It has very strong support around 5180. The chances are that (with 60-70% probability) it could at the worst touch 5180 and bounce up. Investors should use this opportunity to invest. However, if 5180 is to be violated on a closing basis, then we could see it reach 4800-4900.

Ø  Nifty's support for 17/06 is likely around 5350 ( +/- 10 pts.).