Watch Nifty Ø 15 Feb :IFCI research,

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Watch Nifty

 

Ø  The NIFTY index traded in a tight range after the Moody's rating agency downgraded 9 European countries hinting further weakness in Euro zone crisis and closed above the psychological level of 5400 indicating that momentum. The NIFTY has immediate resistance at 5430 and 5454 levels. Above this level, it could test at 5490. On the downside, the support will be at 5380 and 5350 levels. Technically the short term trend on NIFTY is likely to remain positive and If NIFTY holds above 5430 on weekly basis and then 5550 or even 5650 are possible in near term. On the downside, Breakout of 5280 would invite selling pressure and it could test at 5190 levels. One is advised to note that, technically if NIFTY holds below 5190 then we could see a possible reversal of the current uptrend to downtrend.