India revises down 2012/13 GDP growth to 4.5 percent y/y :-
India revised down its economic growth for the fiscal year 2012/13 to 4.5 percent from 5.0 percent earlier, the government data showed on Friday, on lower than provisionally estimated output in farm and manufacturing sectors.
The latest numbers are the first revised gross domestic product (GDP) estimates for the last fiscal year.
The data also showed lower than estimated growth numbers for exports, capital investment and consumption sectors, suggesting deeper underlying weaknesses in Asia's third-largest economy, which grew at more than 9 percent before the 2008 global financial crisis.
The GDP growth for 2011/12 fiscal year was, however, upwardly revised to 6.7 percent from 6.2 percent, but that of the 2010/11 year was revised down to 8.9 percent from 9.3 percent, the data from the Ministry of Statistics showed.
The latest downward revision was proof that efforts to revive investments by fast-tracking the approvals for big infrastructure projects didn't quite help revive the sentiments last fiscal. Aggregate demand in the economy stayed subdued and growth in all its components – government, private consumption and investments – trailed the previous year's data.
>>> Nifty - As Updated Last Weekly Review <<<
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Last week mentioned about the end of wave 2 and wrote about the possibilities of fall below the channel with caution.
>>> Happened and yet to <<<
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As expected Nifty down the channel and took support @ 6030. Below 6030 may see 5970.
>>> Nifty - Hourly - As Updated Last Weekly Review <<<
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On hourly front said about the importance of channel support. See what happened !!!
>>> Happened and yet to <<<
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Broken the channel and broken down 6140 crucial support also. Now I expect more fall with the given target on chart. Sell on rise is a good tactics.
>>> Bank Nifty - As Updated Last Weekly Review <<<
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Last week wrote about the failure of Bank nifty to cross the Channel bottom of Pitch fork.
>>> Happened and yet to <<<
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Bank Nifty too fell down as expected. Lets see what's next on hourly chart.
>>> Bank Nifty - Hourly Chart <<<
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Hourly chart showing a positive divergence - Possible bounce back on card. So again Sell on rise is advisable. Short sellers may use the fall to cover shorts now and sell on rise.
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>>>Performance<<<
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