Jan 2012 IIP data revised from 6.80% to 1.10%. What's the reliability now?

Finance minister Pranab Mukherjee said,

"I can understand if there is error in calculating 0.1% of 0.2%, but from 6.8% to 1.1%, it is totally baffling," Mukherjee told reporters, commenting on the sharp revision of the IIP growth rate for January from 6.8% to 1.1%.

"We shall have to ensure that government data, their integrity should not be challenged...I have asked concerned authorities to look into it that why it has taken place and they should be much more careful in the future."

Reason given -

Chief statistician TCA Anant said,

"Subsequent to the release (of IIP data for January 2012), it has been detected... that the sugar production was wrongly taken as 134.08 lakh tonnes in place of actual figure of 58.09 lakh tonnes,"

Well, now just think how is that possible? If this is the way of releaseing fundamental data then I must say that its of no use of even releasing these data. Now a day, it become a habit to release data and then modify those later. One must note that stock market is reacting with those data at the time release.

If we say that India is a upcoming super-power then this is strongly not the way to move forward. You must oppose strongly with these actions.

Stop this unfair data

Regards,
Praveen Kumar

13 APRIL - NIFTY TECHNICAL VIEWS

NIFTY - LAST CLOSE 5276
This close is above my given resistance of 5274. I said that rise must be atleast towards 5274.

Now we have next meaningful technical resistance at 5335-5338.

Its nothing but a strong supply line as mentioned in the chart given above.

It might not be a day for cross above those. Banking stocks are on good performance but NIFTY can just see halt @ 5335-5338.

In between 61.8% of 5379 to 5191 will end up at 5307. So its intermediate resistance. When we reaches on such levels, it become threatening. We have many highs like 5499,5099.... Missing of 5300 like 5299 will not be good. So close eye must be on this figure for trade. Many times those top act as short term top. Will it be this time too??

(Take a note - I am not saying that it will touch or come near to 5335. I want to say is that it is not going to cross.)

Got a mail yesterday that when my support was 5193, why Nifty tested 5190.80. Well, in stock market technical study 2+2 is not always 4. Sometime it can be 4.20 or 3.80. Choice is your. I have no other tools to predict this market except technical analysis.

Surely cross over can generate target of 5379 -5386 again but changes are little lesser. Trading support will be at 5229 and then at 5193.
I must say that for short term traders must prepare themself for levels of 4975 and then panic low near 4800.

Infosys - poor result. Prepare yourself for 2600. I have recommended buying put to some of my traders.

Over all,

Index will fail to give the impact like SGX. This market will be good to short on rise very soon.
My only worry is RBI's moneraty policy where they are preparing for repo rate cut. I must say that repoe rate cut is not a good move looking on inflation but those will come.

Will update more on intraday too today.

Regards,
Praveen Kumar
(http://www.viecapital.com/)