Jan 3: Nifty Watch IFCI research,

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Watch Nifty

Ø  Nifty signed in the New Year with marginal gains closing at 4636.75, 12.45 points higher on Monday.

Ø  On the daily chart Nifty formed a dragonfly doji which usually forms at market turning points. But this type of candle formation needs to be followed by a confirmation candle to confirm the trend on the upside in the short term. The daily charts shows resistance around 4670 levels. If nifty breaks 4670 levels of 4690/4735 can be expected. On the downside if nifty trades below 4580, levels of 4555/4530 can be seen.

Ø   On a weekly basis stiff resistance could be found at 4720 levels.  Only if nifty sustains above 4720 levels in the short term, buying can be expected to levels of 4800/4830.

Have strict stop losses