On the back of strong corporate earnings and positive turnover in the global front, the markets last week ended up at around 1.5 per cent. Strong FII buying last week also supported the markets. Nifty is likely to test 6229 in the near term. As the extreme short term indicators are in the over bought zone, we can expect sideways movements well above 6229.

Slow
The index of Industrial Production (IIP) which came in earlier slowed to 0.6 per cent in the month of August from an upwardly revised 2.75 per cent in the previous month. The numbers remained disappointing, but the analysts expect a better in the coming quarter as of better exports. Capital goods production contracted by 2 per cent in August from a year ago period, and the consumer goods sector also saw a negative growth of 0.8 per cent. The basic goods and electricity sector production grew 1.5 per cent and 7.2 per cent respectively as compared to 1.7 per cent and 5.2 per cent respectively from the month of July. The non durable goods growth was reported at 5 per cent against 6.8 per cent in the July month.