As you may have noticed a great fall in indices today due to impact of news on mentality of traders as IIP growth rate for oct is announced below the expectations . please see the news .
The October numbers for the Index of Industrial Production (IIP) came in today. The IIP grew by 10.3% since last October. A CNBC-TV18 poll saw the IIP growth rate at 12.5%. As compared to the last month, the IIP grew at 9.6%. The IIP growth rate in October 2008 was at 0.1%.
and now see how mkt was climbing towards the next high at mid session and the fall after news .
so we may say that news rules the indicators and indicators know that the news is coming . As calculations predicted the nifty level at 5183.70 and todays high was upto this level . so i will say that rely on technical indicators because impact of news remains only for a limited period but technical indicators never lie.