Watch Nifty Ø 8 Feb:: IFCI research,

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Watch Nifty

Ø  After testing an important resistance zone of 5400, profit booking witnessed throughout the day and NIFTY has immediate resistance at 5435 and 5454 levels. If it moves above 5454 levels, it could test at 5490 levels. On the downside, the support for the NIFTY is seen at 5280 and 5255 levels. Traders are advised to buy on declines as profit booking can be expected in coming trading sessions.

Ø  On weekly chart, NIFTY broken the downward price channel resistance level of 5290/5390 indicating that shot term buying momentum. If NIFTY holds above 5400 and then 5550 is possible in near term. On the downside, the current uptrend is getting weaker only if NIFTY trades below 5190 levels.