Indian equities continues to look jittery despite of an intraday bounce yesterday with traders and investors keeping a tab on the IIP data to be released later in the day.
5690 - the final saviour
Nifty bounced back yesterday from 5700 levels. While 5690 on Nifty is considered as the final support level before Nifty takes a plunge into a new territory, not seen in the last four months.
We still believe a bounce to 5950-6000 levels is still due but given the ferocity of the fall chances look bleak. India story was tamed by factors like inflation, interest rates etc