Watch Nifty Ø August 8, 2011 :IFCI research,

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Watch Nifty

Ø  Nifty moved down sharply all the way to 5100, taking alongwith it all scrips across sectors. The only consolation was that it closed above 5180. But the fact that 5180 was violated on an intra day basis is a cause for concern. While there is no change in our stance that for the long term investors this is an opportunity, for short term we have to watch for two closes below 5180 to perhaps look for the next support levels of 4780-4800.

Ø  In summary, we would like to repeat that the long term outlook remains bullish and since we can never precisely predict the bottom, one can make investments at current levels and a portion be readied for investment if Nifty reacts to 4800 levels.

Ø  Nifty's support for 08/08 is likely around 5100 and 5070.