IFCI research, Watch Nifty: 9 May 2011

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Watch Nifty

Ø  Nifty finally made a reversal up - it could sustain for a session or two more and so far as 5440 is not violated. Nifty however has many resistances on its way up - 5600,5700 and strong resistance around 5950. On the downside, it has good support around 5350 and very solid support around 5170. In the near term ( one to two sessions), one has to watch if 5440 is held. Bank Nifty has strong support around 10000 and for the near term we should watch if 10670 is held.

Ø  Nifty's resistance for 09/05 is likely around 5600.