Next hurdle for Nifty
Sensex managed to close above 17,000 where as Nify above 5050. One reason being why the stock market showed a good momentum was the positive IIP numbers, India’s Industrial Production for the month of August was at 10.4% beating analyst expectations of 9.7%. It rose the most in over 22 months. India’s April-August IIP 2009 was at 5.80% as against 4.8% YoY.
Technically Nifty manged to give a bounce from its support of 4930-4940 levels, and also a good response to the initial public offer of Indiabulls Power, fully bid within half an hour of opening of the issue, too helped us to move up.
Market wise Mid-caps and Small-caps too performed well. Nifty also easily managed to close above its 5 DMA which is 5002.90 and 20 DMA which is 4968.87, which both add to the probability that we might see some more upside in the near term.
The next resistance for the Nifty being 5100-5120 levels, and a strong support at 4930 levels.
It is likely that we might see a range bound nifty next coming days, as global markets too seem flattish as of now.
Tags: nifty support, nse bse stock calls, resistance for Nifty, sensex tips, supprot and resistace for Nifty
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