Watch Nifty Ø 29 Nov :IFCI research,

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Watch Nifty

 

Ø  Nifty moved up steeply, aided in no small measure by Bank Nifty. We are very crucially poised. We would like to recapitulate our views :-

a)      We are almost in the last leg of correction

b)      There could be one more leg of correction which could perhaps take Nifty to 4630-4500 and Bank Nifty 8150-7700at the worst.

c)      If however the recent lows in Nifty of 4630 and 8240 in Bank Nifty is not violated, we can assume that correction is over and the "one more leg of     correction" as we mentioned in b) above may not materialise. Proof will be when Nifty crosses 5400 and Bank Nifty 10350.

d)      If however Nifty moves below 4500 and Bank Nifty below 7700, we are in for a very steep correction - bigger than the correction of 2008-09. We can only assume that the major catastrophic correction which we had talked about earlier would be set in motion.

e)      We would like here to draw attention to Dow Jones which has good support around 10400. If violated, it could move down to 9600 and then 8800. Below 8800, all hell will break loose. However, we believe 10400 will hold.

Ø  Nifty's resistance for 29/11 is likely around 4900.