Watch Nifty Ø 12 Sept 2011:: IFCI research,

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Watch Nifty

Ø  Nifty tried to touch 5170 but could not get past. Instead it corrected more than 100 points. As observed, this leg of correction could get Nifty down to 4690. However, 4940 is a support level to be watched and if violated, then the next support is only around 4690-4700. Investors can trail stops to 4940-50 levels.

Ø  For 12/09 again, the resistance is likely around 5200 and support at 5000.