3 Feb: Watch Nifty Ø IFCI research,

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Watch Nifty

Ø   Nifty closed with ‘Long Legged Doji” candle body and this implies a loss of sense of direction and that there is a great amount of indecision in the market. Breakout of neither 5290 nor 5220 levels would dictate the intraday trend. On the higher side, If NIFTY sustains above 5290/5320, and then we could see 5360 levels. On the downside, the support would be at 5160/5130 levels. Short term traders are advised to avoid fresh long positions at this point of time as the ceiling of the downward price channel formed on weekly chart at 5290/5320 will act as a strong short term hurdle and move above this level is needed before traders can initiate fresh long positions. If NIFTY breaks above 5290 on weekly closing basis, and then we could see 5380/5400 levels. Failure to move above 5290 levels will keep the index moving in the band between 4900 and 5,300.