YESTERDAY CALL
Today nifty hit second and third supports.
MARKET VIEW FOR TODAY
IIP data had beaten the street expectation and it was positive for the market. This data is an important micro economic indicator, which shows some sign of recovery in the economy. As global cues were negative, nifty corrected in the first half, after IIP data news came nifty manage to recover from the low and closed just above the resistant 4440 levels. FII’s were net sellers and the volume too was not impressive. Today I would say that bulls had half won the battle and the down trend had temporarily halted but still, I feel, we need some more higher tops, to conform an up trend. Tomorrow, inflation data has to come, which will lead the market.
MARKET VIEW FOR THURSDAY
Inflation data is the important factor to watch. Technically in the price chart a trend halting pattern had formed but the low volume bothers me. Again I suggest visitors to buy nifty only above 4513 levels and also watch the global cues.
NIFTY LEVELS
For past two trading session nifty closed just below the critical resistant and I suggest visitors to watch that level and inflation data. I suggest visitors to buy nifty only above 4513 level with strict stop loss 4480.
SUP: 4440, 4390, 4340. RES: 4480,4513,4570,4620,4655. STOOP LOSS:4480.

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