Monday, January 12, 2009

# Market Watch: Traders book profits as Nov IIP grows 2.4%

Equities pulled back from Monday's lows as the November Index of Industrial Production grew at 2.4 per cent against negative 0.4 per cent in October. But jittery traders used this opportunity to book profits.

Volatility can be the order of the day; an intra-day downside (seems like a mild possibility) could come in below the 2873 level while significant support at lower levels (2810) – would limit the downside. The outlook has turned neutral again while resistance comes in at the 3250+ level and support comes in at the 2800 level.


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