It could have been a day of triumph for the bears, had the IIP data not been anounced at around 12.00 pm. Nifty was on its way down almost 35 pts., when the data was released and Nifty lost its direction. Nifty recovered and went into green, cuz the IIP data at 9.10% was better than the guidance and street expectations which was approx at 7%. However, the higher levels couldnt sustain, and amid high volatility, Nifty tanked 100 pts from its high of 5017 to 4917.
Tomorrow, above 5008, Nifty may test 5039.85 on intraday basis, whereas on the downside, Nifty may test 4853.25 below 4917. With the 5 and 20 EMA given positive crossovers on EOD charts, an upside seems more likely.
Amongst individual stocks, KFA seems promising at 54-55. It is trading above its 200 EMA on daily charts. Its 5, 20 and 50 EMAs have given a positive crossover. On weekly charts, RSI, Stochastics along with MacdH have given positive divergences.
Happy Trading !!
Disclaimer: The said technical analysis is a perception based on various charting methods. Trades on my opinion are to be done solely at your own discretion.
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