Another failed attempt to cross 5181, Double top at 5181 transforms into Triple top

Markets again witnessed selling pressure from the dreaded level of 5181, this time the reason was lower than expected IIP data, 10.3% as against expectation of 12.5%. However Nifty broke the level of previous top 5181 and touched 5182.55, in all this people who were short on Nifty Futures and kept stop loss suffered loss as all buying stop loss must have triggered that were kept above 5181 in Nifty futures. As a result Nifty futures touched a high of 5186.55 and then came down after the announcement of IIP data which were lower than expectations taking the benchmark index down to 5140 level in a jiffy.

Nifty View:

Nothing to post right now as it sometimes get boring to post the same chart again and again because there is no meaningful movement in the index. The silver lining in the Friday's move was that if Nifty could not cross 5181 then it also didn't give breakdown below yesterday's low of 5085 and that is a good sign. Just keeping it Simple , one should know that above 5181 is breakout and below 5050 is a breakdown


Stock View:

India InfoLine Ltd

The stock has been oscillating between 120 and 160 since May 2009. Any move above 141 will create over all buying which can take this stock to 160 levels and just watch out for the volumes while breaking out.


Have a nice trading day

Regards

Ankit