India’s Industrial Production dipped 1.9% as against the expectations of a gain of 0.9%. Inflation both WPI and CPI increased to 5.7% and 8.3%, respectively in March 2014.

The 30 share S&P BSE Sensex closed flat at 22628, while the NSE Nifty settled at 6779, up by 3 points or 0.05%. Amid Nifty constituents, Cairn India, TCS, McDowell’s, Wipro and ITC were top gainers while DLF, HDFC, BHEL and IDFC were top draggers.

The earnings season commenced with the IT majors – Infosys and TCS announcing their quarterly results. Both companies reported in-line results.

Nifty, on the weekly time frame, has formed a Doji candlestick pattern with a long lower shadow highlighting supportive activity at lower levels. As envisaged in earlier edition, Nifty consolidated in the range of 6650-6850 through out the week.

The index, during previous week, bounced back taking support near the 38.2% retracement of the preceding up-leg from 6432-6819 signifying overall positive structure, only a decisive break and close below the previous week low (6665) will derail the current positive momentum and drag the Nifty towards 6480 levels.