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Nifty Meanders Aimlessly

| 11/1/2012 9:01 PM Thursday

NSE Nifty:

The NSE Nifty has once again moved along the expected lines. It has neither gone below the 5638 level nor gone above the 5829 level, which in effect means that virtually the whole of October has gone in a corrective phase with no directional bias. In fact, the aforesaid trading range has tightened even further to 5638-5725, making it a rather dull and listless market while there hasn’t been a shortage of scrip-specific action. Needless to say, such a squeezed market would be followed by a sharp thrust which is dependant on a few event risks. In terms of levels, a breach (read: a close below) of 5638 could mean a downside, while a close above 5725 followed by the 5829 level could mean a sharp upside.

Nifty Meanders Aimlessly

Mid-Caps and Small-Caps too have remained corrective (read: range-bound) but the weakness is slightly more pronounced in the Mid-Caps than in the Small-Caps. Banks remain corrective but still positive and Capital Goods are also in a similar situation (positively corrective). Consumer Durables have finally declined. FMCG has posted a fresh all-time high but has come off a bit, while Healthcare has continued to remain positively corrective and IT is a bit oversold. Metals have remained a weak spot and Realty too has been weak this time around.

The Nifty has remained docile within a tight range, waiting for a trigger – a breakout on either side could determine the direction of its immediate future trend, while banks could play a make-or-break role.

 

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