SGX Nifty Relies Upon IIP

SINGAPORE, (GaeaTimes.com)- Wednesday is turning out to to be a mixed blessing for SGX Nifty. As a matter of fact SGX Nifty has witnessed both weak trading as well as negative closing from all major sources of US and Asian indices in the market. As an obvious consequence, the buyers shall be lining up for the IIP (Index of Industrial Production) numbers. It is the IIP numbers which is the only chance for all buyers in the market to turn things towards favorable directions.

SGX Nifty has moved ahead to have reached the support levels which are slotted at 5,180 and 5,140. That actually marks the access to the SMA (Simple Moving Average) level at 5,162. Incidentally, the PCR level for SGX Nifty is registered at 0.99 with SGX Nifty closing in accordance to the normal 15 and 50 days SMA level. The 100 and 200 days SMA level are slotted at 5,114 and 4,971 respectively. As speculated, these SMA levels might turn out to be the actual new ranges for all upcoming sessions.

Car makers and Gold manufacturers are the blessed one in this situation. Isuzu Motors along with Toyota Motor Corp. were the toppers in the row. The rankings of the two major car makers is speculated to earn higher earnings. The Japanese benchmark index Nikkei 225 also witnessed a steady growth by a margin of 53.70 points (0.52 %). RSI (Relative Strength Index) was recorded as 44.82 which makes MACD(Moving Average Convergence Divergence) falling far down below the actual signal line. What’s important here is that the existence of mixed indices is giving rise to all major movements in the market which demands a heavy correction. Same as Tuesday, the Indian equities are still lying flat in SGX Nifty on May 12. SGX Nifty was recorded to be trading at 5,148.5 which is said to be higher than the last trading of Tuesday, by 18.50 points.