Hello,
Yesterday's Nifty Pattern on the candlestick chart is a Long Legged Doji. A Long Legged Doji is a reversal pattern and reflects the great indecision that exists between the bulls and the bears. Yesterday's IIP numbers disappointed the markets but also further highlighted the growing capacity constraints in the industry. While IIP numbers headed south, Inflation headed north as the WPI came in at 11.40.
With markets neither breaking below 5350 nor breaking above the 5500 mark, markets seemed to have reached a sort of a quagmire out of which the markets are unable to come out. While day before yesterday belonged to Tata Motors, yesterday it was State Bank of India. Results were the reason behind the strong breakouts in both these stocks. Even in midcap territory, there have been a lot of stocks that are making new highs / breaking out of long term ranges which seem to provide better trading opportunities than Nifty.
Regards
Prashanth
Mythri Stocks & Shares Pvt Ltd.,
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