MARKET VIEW:

As mentioned earlier we saw NIFTY closing just above the support levels of 3500 after closing below 3790 levels few days ago. On weekly basis indices lost close to 8% making way for short term bounce back. For today''s trade, traders would keenly await IIP data while inflation that is to be announced later may also see some anticipatory action after slipping below 12% last week. Short term hurdle continues to remain around levels of 3800 levels of NIFTY while any close below levels of 3500 may take indices lower once again toward 3100~3200 range.

For intra day trades, sharp up move towards level of 3625~3640 completely not ruled out. On lower side support may be seen around levels of 3400~3410 for NIFTY.

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