Hi Friends,
As mentioned by us a number of times before the fundamental valuations of the Indian stock market is deteriorating every quarter.This is the utmost significant factor in any bear phase.Past bear moves have witnessed sound fundamental economic conditions to back the Bull run.Yesterdays IIP data was one of the indicators the bears might be looking for.Coming back to the Nifty yesterdays low of 4913 is an important trend line level going ahead.All longs in markets should be having 4913 as automatic sl levels.Markets reacted positively after the sharp fall witnessed due to the IIP numbers.Prima facie the reason being the short covering lead by the bears who made the market fall by over 7% in past one week.One stock I am positive at current levels is ABB. Factors to watch out for today will be the sustainability of the rally at higher levels today.Tonight in U.S Ben Bernanke will speak on Fed liquidity measures.Going ahead factors to watch out for will be the resurgence of the capital goods sector in the Indian bull Market.
Nifty supports 4983-5011
Resistance -5062-5083
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