WHAT A BUMPER DIWALI !
Diwali is near, and it seems that we might continue some more positiveness in the markets, as the Industrial growth rose to a 22 month high figure August 2009. The latest IIP data has shown a year on year growth of 10.4% in output, making a 22 month high since the 12.2$ of October 2007. The manufacturing, mining and electricity all of show double digit growth figures.
Moreover, RBI is unlikely now that the interest rates will go up, in view of keeping economy on track. Positive IIP numbers also attracted FII(Foreign Institutional Investors) in investing a net of 963cr on Monday.
The resistance for the Nifty is 5100, once it manages to cross that, it could do well in the near time. We could see 5300 levels on firm global que’s. Also we saw short-covering and unwinding of long positions in 4,900-5,100 strikes calls.
RIL, RNRL could also move the markets up, on a respite between Ambani brothers. Reliance Industries had underperformed the market over the past one month till 9th October 2009, falling 3.19% as compared to the Sensex 2.84% rise.
Tags: effect of IIP number on market, IIP numbers, live IIP numbers, nse bse tips
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