Jan 6: Nifty Watch IFCI research,

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Watch Nifty

Ø  Nifty closed on a flat note at 4749.95 forming a doji on the daily chart showing indecisiveness making a intraday high/low of 4779/4730.15.

Ø  The daily chart shows immediate support at 4730/4690. If nifty breaches 4690 levels, 4640/4610 can be expected on the downside in the near short term. On the upside immediate resistance is found at 4780/4820. Only a closing above 4820 would invite buying pressure. If nifty sustains above 4820, levels of 4850/4870 can be expected in the near short term.

Have strict stop losses