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Watch Nifty
Ø Nifty had yet another weak session. It however bouced up from the support levels (5950 +/-10 pts) indicated. While the long term view on indices remain bullish, in the near term, support levels of 5690 in Nifty (on closing basis) and 11360 in Bank Nifty have to be watched. While we do think that a clear indication will emerge in the next 1-2 sessions regarding Nifty finding support around 5700, we should also be aware that in case the levels are violated, Nifty has many support levels on the downside and the strongest being 5550( + / -1%) and then 5300. Bank Nifty also has support around 11,100, 10,900 and 9,950.
Ø For 08/12, Nifty's support is expected around 5900(+ / -10 pts).
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