Industrial production grew at 3.4 per cent in April after contracting for two months in a row mainly due to improved performance of manufacturing, mining and power sectors and higher output of capital goods. However despite strong IIP numbers nifty plunged more than 100 points and closed at 7542 levels on friday.
Nifty Spot on the hourly charts still holds the positional buy mode and the support zone coming around 7500 levels. Reverse the position to positional sell mode if the support breaks on hourly charts. However on contrary Bank nifty turned to positional sell mode on the last hour of friday . The resistance zone coming around 15763 levels reverse the position to positional buy mode if the resistance breaks on closing basis.
After strong IIP numbers call writers start targeting 7700CE, 7800CE and 8000CE by building higher open interest.