Jan 5: Nifty Watch IFCI research,

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Watch Nifty

Ø  Nifty closed on a lower note lacking the momentum to climb above 4800 levels at 4741.70 after making an intraday high of 4782.85.

Ø  On the daily chart immediate resistance is seen at 4780/4800 levels. Only if Nifty closes above 4720 levels on daily basis short term buying can be expected. If nifty trades above 4720, levels of 4745/4770 can be expected on the upside. On the downside support can be found at 4720/4690 levels. If nifty trades below 4690, levels of 4640/4610 can be expected on the downside.