The Nifty started to correct some time midday and I got the feeling that we might see a deeper correction, but as usual buying came in at lower levels and drove up the Nifty again. I get the feeling we need a trigger event to break past this 5,950-6,000 zone and until that does not happen we will trade sideways or correct to 5,800 levels.
Trend deciding level is 5,920. If Nifty shows strength above 5,920 levels, then rally to 5,950/6,000/6,050 may be seen. If Nifty does not show strength above 5,920 levels then selling pressure till 5,880/5,840/5,800 may be seen.
The Sensex has supports at 19,350 and 19,200 and resistances at 19,510 and 19,620. The Nifty spot has supports at 5,880 and 5,838 and resistances at 5,940 and 5,965.
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According to ET Now estimates, IIP data for the month of January is likely to grow to 1 per cent as compared to 0.6 per cent registered in the month of December.
"The outlook remains positive as the Reserve Bank of India (RBI) in its policy meet later in the month may slash key interest rates by atleast 25 bps to support faltering growth," said the ET Now report.
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