IFCI research, Watch Nifty: 24 June 2011

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Watch Nifty

Ø  Nifty made a laboured move up. Some pull back was anyway expected but we still have to watch cautiously to see if 5180 is held. We need sustained pull back for a confirmation. On the other hand, one cannot rule out 5180 being re-tested.

Ø  Nifty's support for 24/06 is likely around 5230 and then 5180. Resistance can be expected around 5350 ( +/- 10 pts.)