Watch Nifty Ø Feb 2: IFCI research,

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Watch Nifty Ø
 After testing the low of 5159, Nifty pulled back in the green as positive cues from European peers boosted sentiments and closed above the psychological level of 5200 suggesting that momentum. If NIFTY trades above 5250 and then 5290 is possible. 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 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. Have strict stop losses