Nifty Finally Gives An Upward Breakout
12/13/2012 9:01 PM Thursday
The NSE Nifty has staged a delayed move (the elusive breakout has finally materialised on the upside), and the speed and quantum would seem to suggest that it has made up on lost time to post a fresh 84-week high. However, the index has flattered to deceive, as though it has come close, it hasn’t yet conquered the 6000 level. A close above the 5950 level could mean fresh legs to the current ongoing up-move. Needless to say, the outlook continues to remain positive as long as the Nifty sustains above the 5838 level, and a higher top, higher bottom scenario on the market continues unabated.
The Mid-Caps and Small-Caps have moved from strength to strength, while there has been an almost perpendicular rise with virtually no correction coming in. Banks have been the bulwark of the current move. Capital Goods have staged a rather feeble move as compared to the rest of the market. Consumer Durables, FMCG and Healthcare have all posted fresh all-time highs, while IT is showing short-term weakness. Metals have been underperformers but seem to be on the verge of an upward breakout. Realty has made good progress over the last fortnight.
The Nifty has given an upward breakout after a prolonged consolidation. While a further upside cannot be ruled out, caution is advised around the 6060 level.
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