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The IIP data for the month of April came on last Friday and it is up by 1.4% which was down by 0.75% in March 2009. The consumer goods durable was up by 17%,mining output up by 3.8%,manufacturing was up by 0.7%. The figures are looking meager but given the economic condition, they are something to cheer about. The markets went up for a while after the news came but soon the profit booking action started.
Sensex finally ended the day at 15,237 levels losing 173 points and nifty lost 54 points to close at 4583 levels.If Nifty above is 4450 , then we can go long in this market. It is about to touch the 200 day DMA which is a big resistance zone for it now. On Friday the US markets closed mixed with marginal gains. Dow is hovering around 8800 levels. The Asian markets were trading positive.
Here are some intra day trading tips for the day:
Buy Rpower Above 193 Target 197, 200 Stop Loss : 189
Short Sell Below 188 Target 185, 184 Stop Loss:191
Buy DLF Above 372 Target 382, 390 Stop Loss :366
ShortSell Below 366 Target 357, 352 Stop Loss : 371
Buy Rolta Above 142 Target 146 ,148 Stop Loss : 137
Sell Below 137 Target 134 , 133 Stop Loss : 141
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