==>> IIP data spoils the party

Jan Industrial growth stands at 5.3% as against 11.6% yoy. Analysts expected a growth of 7.7%.
Jan Capital goods growth down from 16.3% to 2.1 % yoy. While jan Consumer Durable output is at 3.1% from 5.3% yoy.

In my Yesterdays Blog i have mentioned that the bears will run for their shorts, and we will see some good rally on the back of the short covering. i have mentioned that the Nifty can easily go upto 4950-5000 levels, and there is a good resistance at 5000 levels. Sensex and Nifty both opened with a gap. Nifty rallied till 5019.20 but within seconds it slided below 5000. In the morning i have clearly mentioned that short term traders should definitely book profits at the higher levels. Sensex slided down from positive 600 points to negative zone also. Same thing happened with the Nifty also. This is well informed to the viewers of my site.
Now 4800 will again act as a good support.
Nifty rest at 4950-5000 levels.

20 Dma has still not crossed the 200 dma from top to bottom. If this is crossed we again might see some selling pressure. But if the Nifty turns positive then it will have good resistance at 4950-5000 levels. If these Levels are broken then no one can stop the rally in the nifty till 5200 levels.

Today's candle stick pattern of the Nifty indicates that the Bulls in the early hours tired to get the control of the markets, but lost to the bears in the late hours. This could be due to profit booking or some fresh shorts created. We have seen the Sensex making double bottom at 15300 on Monday, and within 3 days the Sensex recovered around 1200 points. The carnage that has been done within these 2 months will not be so easily to recover.Technically speaking there are many resistance levels and very few support levels for our markets.

Asian markets are trading at around 1.5% up, then why are our markets slided to around 3.5% to -ve. Now can some one tell me where is the theory that If the worlds are doing good our markets will also do good and vice versa. There is no such kind of theory in the market. It is just the perception of the market players to take risk at what levels.