Wednesday, January 12, 2011

Investors keep an eye on IIP data, indices showing no signs of a pull back

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