Strange are the ways of the markets ! or so it seems !
Infosys did come of with some good numbers but was witnessing a continous selling pressure since morning! and then the second blow came when the IIP figures came out.The tech sector turned out to be the biggest loser. It reminds us again (and again) that our analysis may go wrong but Mr. Market is always right. Price is King !
The Indian Industry has clocked the lowest growth rate in the last SIX years ! Many investors who were hoping that the worst is over - came in for a shock, yet again.
I presume that the IIP growth rate is a bigger problem than inflation. but unfortunately both are related. Measures to reduce inflation may, sooner or later, affect IIP negatively. The result is a loop! And to top it, we have the relentless rise of CRUDE and the slowing world economy.
The Nifty which opened and closed the current week at the same level and this is termed as 'doji' in candlestick terminology. A Doji suggests indecisiveness in the market.
For the coming week, key resistance level will be 4150 while the key support area will be 3965.
Happy finger crossing!
CA Rajiv D Khatlawala
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