Nifty Still Inconclusively Range-Bound
11/29/2012 9:01 PM Thursday
The NSE Nifty has expanded its range a bit more (as compared to the last fortnight). The mild negative tinge that it acquired hasn’t exactly gone away and continues to manifest itself somewhat, while the decisive breakout remains as elusive as ever. The market continues to drift due to the lack of a clear directional bias. While at this point in time it is too early to debate on the direction of this anticipated move, resilience has been a trademark of the Nifty so far. The new slightly bigger range has 5548 on the downside and 5820 on the upside. Needless to say, a clear and decisive close is needed above or below this aforesaid trading range for a directional move to unfold.
The Mid-Caps and Small-Caps too have remained corrective (read as range-bound), but both have clearly reflected relative strength to hold. Banks been lackadaisical but strong and Capital Goods have been a weak spot to wilt under pressure. Consumer Durables has posted a fresh all-time high and FMCG has been rather solid. Healthcare too has been one of the better sectors and IT is showing short-term strength. Metals have been distinctly weak but Realty has maintained its solidity.
The Nifty has continued its inconclusive movement and has not yet shown any signs of giving a decisive move. It would be better to wait on the sidelines for a clearer picture to emerge.
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