Nifty Makes Further Headway
1/10/2013 9:01 PM Thursday
The NSE Nifty has made its intentions clear once again by moving out upwards from its four-week trading range and has gone on to almost post a fresh two-year high. The index has struggled at the 6000 level, and despite a two trading session close above this aforesaid level, a lack of follow up buying has seen the market stagnate just a wee bit. A close above the 5950 level should have seen the Nifty test the 6100 level, and the current movement would seem to suggest a small bout of consolidation before it takes out the 6000 level in a more decisive manner.
The Mid-Caps and Small-Caps have done rather well, and the good work over the last fortnight could be carried forward into the forthcoming fortnight. Banks have continued their progress. Capital Goods threatened to given an upward breakout which didn’t fructify and it has again slipped into somnolence. Consumer Durables has been clearly corrective and FMCG has reflected near-term weakness. Healthcare has almost posted a fresh all-time high and IT seems to be stabilising. Metals have delivered on their promise to breakout upwards, and Realty too has made slow and steady progress over the last fortnight.
The Nifty is in an established intermediate uptrend. While a major congestion area around the 6000-6200 level is expected to simmer things down, the outlook remains positive. However, sustainability above the 5829 level is a must for the aforesaid positives to unfold.
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