Tuesday, March 31, 2015

Support @ 8443,8410,8376 & 8330. Remain Long.

Dear All,

The annual infrastructure output growth slowed to 1.4% in February, mainly dragged down by a contraction in the production of steel, fertilisers and refinery products, government data showed on Tuesday.

The output had expanded 1.8% year-on-year in January and in February 2014 it was 6.1%.

The cumulative growth of core sectors during April-February stood at 3.8%.

Natural gas, steel and crude production declined to 8.1%, 4.4% and 1.9 percent respectively, according to data release by the ministry of commerce and industry.

In cumulative terms it was natural gas that witnessed maximum fall in April-February at 5.5% followed by crude oil at 1.1%.

Only coal, cement and electricity increased during the month by 11.6%, 2.7% and 5.2% respectively.

The infrastructure sector, which comprises coal, crude oil, oil refining, natural gas, steel, cement, electricity and fertilisers, accounts for 37.9 percent of India's industrial output.

>>> Nifty Hourly Chart <<<

>>> Click the chart to see on full screen <<<

Price holding above the trend line. Immediate Supports must be 8443,8410,8376 and 8330. 50 and 100 HMA should be the key resistance along with 8594,8694 and 8794.

>>> Bank Nifty Hourly Chart <<<

>>> Click the chart to see on full screen <<<

Immediate Support as given on above chart, if holds then upmove to continue. Just remain Long till then.Cheers!!!