Watch Nifty Ø 14 Sept 2011:: IFCI research,

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Watch Nifty

 

Ø  We had mentioned yesterday that there could be pull backs. There was a move up of almost 100 points only to be given up and retrace to 4900 -  a loss of 130 odd points intra-day. Traders should be prepared for volatility. The level of 5200 will now be a formidable resistance in the next 5-7 sessions. If and when there is a pull back , traders who can keep a stop near 5205 can try shorts. Risk averse can either buy puts or short near stops.The first target as mentioned earlier, is likely around 4700. Further downside targets can be fixed on Nifty nearing 4700.

Ø  The support for Nifty for 13/09 is likely around 4900 and then 4850-60.