9 Aug: Watch Nifty Ø IFCI research,

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Watch Nifty

Ø  Nifty was violent intraday and had also closed below 5180 conclusively. Though ideally we would like to wait for a session more, the move in Nifty does not inspire

confidence. In the meanwhile, we do expect a move up in a session or two. Short term and medium term investors who invest at lower levels should book profits or

have trailing losses. 

Ø  In summary :

• Long term view on Nifty is bullish - Nifty should see higher levels, perhaps even till 7000.
• Medium term view is if Nifty closes below 5180 for one more session - we can see it drifting lower to 4700-4800 levels.
• In the short term, Nifty is expected to pull back but will face resistance near 5300 and then 5500.
• Nifty becomes bullish in the short/medium term only when it is able to close above 5750.

Ø  Nifty's resistance for 09/08/11 is expected around 5200 (+/- 10 pts.) , 5250 (+/- 10 pts.) and supports around 5050 (+/- 10 pts.) and 5000 ( +/- 10 pts.)