IIP Growth was 0.01% in July and manufacturing sector contracting 0.2% during the month, and 0.6% in the first four months of 2012-13 and so there will be a high level meeting tomorrow between central government, state government and industry representatives in order to revive the sector.
After Germany's court allowed the country to ratify the euro-area bailout fund with certain conditions, Asia and Europe Jumped followed by Our Market too.
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Above Nifty Daily Chart has broken the Long term trend line. Due to Rate Cut hope from RBI, European Developments and QE3 Hopes from US - Lift the Sentiment today.
Note that even though there are some Negative divergence a weak before - We stayed on the Long Side in many stocks - got hand some returns too.
At the same time We missed to make profit in Axis and ICICI Bank - where we exited with small profit - which fell as per my expectation too.
>Click the Chart to see it on full screen <
Though Nifty running Bullish due to flow of good news or on expectation of good news like CRR Cut etc., etc., I shall advice caution at this stage. Today we have closed all our Long positions and made NIL. Tommorrow 5448.6 which is a Previous High on 23rd Aug may remain as a Resistance.
Above Chart is an Leading Diagonal Triangle - which consist of a-b-c-d-e. Right now we are on the end of e wave formation - 5490 Nifty spot is going to be a trend decider.
>Click the chart to see on full Screen>
Above Hourly Chart - contains only after friday gap up. Since today closed above 5230 - Tomorrow I hope there can be some gap up and may faces resistance at 5459 & 5490. Eventually every where 5490 should be a Trend decider, as I hope Nifty may try to reverse from there. What I mean is a Bearish Reversal or to say it like a "FALL". I don't know how RBI is going to react on its Monetary Policy, What FED is going to announce on its QE3 Hopes, What S&P going to do about India's Rating Decision.
For be Chart says "BE CAUTIOIUS" -
Lets wait for the Interesting days ahead.
>> Performance <<
>Click the above sheet to see in full screen<
Since we are at nil Position - publishing this month so far Profit which stood at Rs.50,275.
Cheers!!!
