Nifty In A Cool-Off Mode
7/12/2012 9:05 PM Thursday
The NSE Nifty has finally delivered some decisive price action in the form of an upward breakout from its trading range between 5020 on the downside and 5190 on the upside. A sideways move, which lasted for almost 14 trading sessions, was finally followed by an upward thrust. This made the 5400 level look like a realistic target, provided the Nifty sustains above the 5190 level with respect to the closing. Despite a clear move in terms of a directional bias, the Nifty has been rather tardy in its progress. A scrip-specific approach is advocated, as some hesitation in terms of the Nifty remains a distinct reality, which is probably due to a rather strong congestion area between the 5300-5400 levels.
The Mid and Small-Caps have been a revelation of sorts and brilliant movers, completely outperforming the rest of the market. Banks have been right at the forefront and Capital Goods too have done decently well. Consumer Durables have gained ground but have run into a bout of profit taking. The FMCG counters continue to hang on to the higher levels, while Healthcare has posted a fresh all-time high. IT, however, has remained lacklustre. Metals fared slightly better but have begun slipping again, while Realty has begun to make progress.
The Nifty has broken its shackles, so to speak. Despite the near-term cool-off, the bias retains its positive hue, indicating that this is a scrip-specific market in which to go selectively long.
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