Despite hitting its 52-week lows on Tuesday, Nifty held onto the 7500 level. It indicates a positive start today,Nifty has managed to print a 52-week low of 7540, thus signalling a bearish breakdown.
However, it is quickly approaching oversold conditions and hence can enter a period of consolidation. Besides, 7500 strike has total open interest of approx 83 lakh shares indicating some support there which can result in sideways trade between 7480-7650.
On Tuesday, Index of Industrial Production (IIP) data showed contraction in industrial production by 3 percent as manufacturing growth plummets. Inflation has accelerated by 5.6 percent due to sharp spike in food prices.
Day Trading Tips By Experts:
BUY PTC CURRENT MARKET PRICE 69.10 TARGET 70/71 STOPLOSS 68.20.
Buy TORNTPHARMA Cash above 1451, Target 1586, Stoploss 1407.90