Watch Nifty Ø 19 August 2011:: IFCI research,

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Watch Nifty

Ø  Nifty corrected steeply to pierce through its earlier low of 4950 and closed near the day's lows. There seems to be panic and despondency all around not only in our markets but the world over . As we write, Nasdaq and Dow have already corrected more than 4%. Nifty looks ready for a bounce back even if temporary in the next couple of sessions. The advise is to stay invested in fundamentally sound scrips and average if they move down.

Ø  Nifty's support for 19/08 is likely around 4930 and then 4860-70.