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Watch Nifty
Ø Nifty made a smart recovery as was expected. It faces many hurdles on the way up and sustaining the move up would be a challenge. Nifty needs support from Bank Nifty also. Bank Nifty faces resistance around 9175, 9350 and of course stiff resistance around 10000. One has to see if it is able to cross 9175 initially. If it is not able to, one can see a move down to 8150.
Ø Nifty faces hurdles around 4950, 5190-5200. As we have been repeatedly emphasising, unless 5200 barrier is crossed conclusively, the bias would be negative in the short term.
Ø Nifty's resistance for 10/10 is expected around 4950 ( +/- 10 pts.)
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