The high inflation may prompt RBI to take tough monetary measures to ease out inflationary pressure in its annual credit policy, scheduled to be announced on April 29.
Despite high inflation, the market traded in the positive terrain all day, thanks to positive IIP data and good global cues.
What We Have pedicted Last Day That , Spot Nifty Fase A Strong Resistance At 4810 And 4830 And It Was positive At Above 4778 , Exactly Market Was Showing This Things , Intraday High Was 4817.40 And Closing Was 4777.80 All Most Same To Our Calculated Level 4778 .80
:: PRESS NOTE ::
Subject: Quick Estimates of Index of Industrial Production and Use-based Index (Base 1993-94=100) for the month of February, 2008.
The Quick Estimates of Index of Industrial Production (IIP) with base 1993-94 for the month of February 2008 have been released by the Central Statistical Organisation of the Ministry of Statistics and Programme Implementation. The General Index stands at 273.9, which is 8.6% higher as compared to the level in the month of February 2007. The cumulative growth for the period April-February 2007-08 stands at 8.7% over the corresponding period of the previous year.
2. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of February 2008 stand at 182.8, 293.9, and 211.3 respectively, with the corresponding growth rates of 7.5%, 8.6% and 9.8% as compared to February 2007. The cumulative growth during April-February, 2007-08 over the corresponding period of 2006-07 in the three sectors have been 5.1%, 9.1% and 6.6% respectively, which moved the overall growth in the General Index to 8.7%.
3. In terms of industries, as many as fifteen (15) out of the seventeen (17) industry groups (as per 2-digit NIC-1987) have shown positive growth during the month of February 2008 as compared to the corresponding month of the previous year. The industry group ‘Jute and Other Vegetable Fibre Textile (except cotton)’ have shown the highest growth of 864.1%, followed by 18.8% in ‘Leather and Leather & Fur products’ and 18.2% in ‘Metal Products and Parts, except Machinery and Equipment’. On the other hand, the industry group ‘Wood and Wood Products; Furniture and Fixtures’ have shown a negative growth of 13.8% followed by 1.7% in ‘Textile Products (including Wearing Apparel)’.
4. As per Use-based classification, the Sectoral growth rates in February 2008 over February 2007 are 7.3% in Basic goods, 10.4% in Capital goods and 8.2% in Intermediate goods. The Consumer durables and Consumer non-durables have recorded growth of 3.3% and 11.0% respectively, with the overall growth in Consumer goods being 9.2%.
5. Alongwith the Quick Estimates of IIP for February 2008, the indices for January 2008 have undergone the first revision and those for November 2007 have undergone the second (final) revision in the light of the updated data received from the source agencies.
6. Statements giving Quick Estimates of the Index of Industrial Production at Sectoral, 2-digit level of National Industrial Classification (NIC)-1987 and by Use-based classification for the month of February 2008, along with the growth rates over the corresponding month of previous year, including the cumulative indices and growth rates, are enclosed.
:: Support & Resistance Level Of Nifty ::
Sopt Nifty Closed @ 4777.80 [ 15.30 HRS ]
We Should Go Long Only Either @ Above 4755.80 OR @ Above 4780.40 With A Stirct STPL @ 4724.65 As Per Market Condition [ Depends On Opening ]
And
U .L .Tgt Will Be 4808.25 \ 4816.90 [ T.R.P][Strong Resistance Level ] \ 4825.50 0 \ 4853.35
If Market Wont Sustain @ 4816.90 Level
Then Don’t Go Long ,
Wait And Watch The Level 4850 \ 4900 Level ,
If It Will Break ,
Then Go Short
With A STPL @ 4720.00,
And Lower Level Spot TGT 4696.80
But If It Will Sustain @ 4816.90 Spot Level
Then Upper Level TGTs :: As Mentioned Above
Strong Resistance @ 4850 \ 4900
But We Are Predicting That If Nifty Spot Wont Cross
And Give A Close @ Above 4816.90
Then It Cant Move Up Sharply
And Will Face A Strong resistance @ 4900 \ 4950
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