Watch Nifty Ø 22 Aug 2011:: IFCI research,

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Watch Nifty

Ø  Nifty has already touched its first support of 4796. Investors would recall that we had recommended that if 5480 was cut - the targets were 5180 and again if this was violated, the next targets are 4800 and then 4690-4700. Though a bounce up is imminent, it still probably has to visit the target of 4690-4700 also.

Ø  On the pull back, Nifty could probably touch 5200 or at best 5400 before retracing. Bank Nifty similarly faces resistance around 10340.

Ø  We believe (with a 70% probability) that 4700 (+/- 1%) should hold.