Nifty Slips Again
2/7/2013 9:01 PM Thursday
The NSE Nifty hasn’t moved along the expected lines, and the mild overbought situation has actually resulted in a reversal of sorts, though currently for the short term. While the near-term outlook has turned negative, the 6100 level has remained impregnable so far and looks to remain that way till the end of the month. A distribution seems to have happened in the Nifty, thereby limiting the near-term upside at 6100. A six trading session decline could result in an unsustainable bounce.
The Mid-Caps and Small-Caps have been taken to the cleaners, so to speak, with virtually no respite and seem set to sink lower even now. Banks have finally slipped into a decline. Capital Goods have belied hopes of a sustained recovery and continue their down-move. Consumer Durables have staged a decent bounceback, and FMCG has extended its recovery after a protracted decline. However, Healthcare has been under pressure and is likely to remain so. IT has remained relatively strong and range-bound. Metals have been one of the weaker sectors and look set to maintain and sustain this weakness. Realty too is on the verge of falling in line with the market, and a decline seems almost inevitable.
The Nifty has suffered a distinct short-term reversal. A further downside seems like a distinct possibility, while the 5926 level followed by the 5829 level could play a major part in limiting this anticipated downside.
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