Today Indices opened up in the positive zone. Markets continued its upwards rally in the early session, but lost its control. The force with shifted from the Bulls to the Bears. Bears took the control, and the markets in the mid session tanked from the days high. Nifty made a high of 4693, could not touch 4700 levels. Sensex made a low of 15600. Nifty closed at 4583. Nifty slided down to 4566 levels. Sensex made a low 15174 before closing at 15237. But as mentioned earlier that the markets are in th over bought zone and we might see some correction. Markets in the morning session rallied, but immediately after the IIP data were announced, markets tanked. Sensex was more more than 180 points, but sinked nearly 225 points. We had a very voatile session. Reliance supported the markets. IIP data were better then the expectation at 1.4% for the month of April vs 0.7% in March. But even after good numbers, Bulls could not get the grip of the market. Infrastructure stocks have fallen down much from their recent highs. After 5 weeks of rally, markets halted a bit. In the weekly chart of Nifty, a doji pattern has been formed at the top of the rally. Next week also we amy see some selling pressure. As mentioned earlier also, that the Daily chart of Nifty suggests that the correction is overdue, and within short time we will go through that stage.
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