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Nifty Spot Technical

Nifty yesterday opened with moderate gap up and closed in green at 7823, forms an Inside Day or Bullish Harami pattern in daily chart, which suggests reversal. Anyway confirmation of reversal is required, it has to cross the Mother high 7862 and then 7870 (38.2% level), then next resistance 7950 (Gap resistance). On the downside, 7700-7640 is strong support area.

Dovish tone of ECB Chairman lifted the sentiment of Europe Markets which supported Nifty yesterday, however DOW was not much impressed with ECB and closed off day high. Today Asia Market will decide the tone. JP Morgan has surprised us by issuing a note where they mention that India CSO must have erred in calculating last GDP Number!! They opine that the last GDP number could be 8% which has been erroneously stated as 7.1% by CSO. It is a matter of cheer, on one hand, but on the other hand it is a serious matter of concern. Anyway, FII activities are key in market reversal. Another matter has not been started discussing in media, i.e, Monsoon deficit. Domestic cues are mixed, waiting for next set of macro data like IIP, WPI, CPI and then FED policy meet. Volatility will persist, participants are advised high level of caution, both side.

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