4 Jan: Watch Nifty Ø IFCI research,

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Watch Nifty

Ø  Nifty surged 128.55 points to close above the short term resistance of 4720 at 4765.30 on Tuesday backed by positive global cues.

Ø  On the daily chart following the dragonfly doji on Monday, a green candle with large body formation confirmed the upside trend to be intact. The daily chart shows short term resistance at 4780/4800. If nifty trades above 4800, levels of 4840/4870 can be expected on the upside in the short term. On the downside firm support for nifty could be found at 4640 levels. If nifty breaches below 4640 on the downside, 4600/4670 can be expected.