Today IIP data was announced at 2% for the month of April which was below expectations where as May CPI came at 9.31% which improved marginally. yesterday i did mention for nifty that it is tym for risk takers to go long and today we did saw nifty giving hint that it is trying to go upstairs now rather than down. It has traveled down almost 61.8% from its recent top which is the point we should all jump into the long side. Same ways Banknifty today saw close at 61.8% level of its last rally. And even more to believe is that both the index has taken support at 200 EMA. Looking at all the factors i still recommend to go long for those who have missed it. Next rally could be lead by mid cap stocks. Keep a watch on Mid cap banks such as Andhra Bank, Dena Bank, UCO bank, Syndicate Bank and Union Bank. If i have missed any bank please dont ignore them but its just i believe above banks to out perform. Now Nifty has some important resistance level, one of them is 5842. Safe traders go blindly long above 5842 where as risk takers should go long tomorrow. Tgts on Nifty are 5876,5914,5940,5990,6035. keep a SL of 5730 on all long trades.
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