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Nifty Remains Woozy

| 2/21/2013 9:01 PM Thursday

NSE Nifty

The NSE Nifty has moved exactly along the expected lines. The 6100 level has remained unscathed, while a near-term downside has unfolded, but the damage has been rather limited when compared to the rest of the market. Needless to say, the 6100 level still remains rather far away as far as attainability is concerned. The near-term outlook, which had turned negative, still remains so but an oversold situation in a plethora of stocks could go a long away in insulating the Nifty from a bigger decline.

The Mid-Caps and Small-Caps have taken a heavy battering, but now seem set to stage a bounceback of sorts, the sustainability of which is still suspect. Banks have been rather resilient despite the obvious pressure. Capital Goods has been one of the weaker sectors around, and Consumer Durables also continue to post lower tops and bottoms. FMCG has remained rather stable, holding on but not gaining too much. Healthcare has been moving sideways despite the mild negative bias, and IT has remained rather solid but still range-bound. Metals have been one of the weakest sectors but deeply oversold. Realty too has been under near-term pressure, but the decline has been rather tame.

The Nifty has been under obvious pressure, and despite some near-term respite, a reversal isn’t visible yet. While only a close below the 5829 level could exacerbate the decline, a delayed recovery cannot be ruled out.NSE Nifty:

The NSE Nifty has moved exactly along the expected lines. The 6100 level has remained unscathed, while a near-term downside has unfolded, but the damage has been rather limited when compared to the rest of the market. Needless to say, the 6100 level still remains rather far away as far as attainability is concerned. The near-term outlook, which had turned negative, still remains so but an oversold situation in a plethora of stocks could go a long away in insulating the Nifty from a bigger decline.

The Mid-Caps and Small-Caps have taken a heavy battering, but now seem set to stage a bounceback of sorts, the sustainability of which is still suspect. Banks have been rather resilient despite the obvious pressure. Capital Goods has been one of the weaker sectors around, and Consumer Durables also continue to post lower tops and bottoms. FMCG has remained rather stable, holding on but not gaining too much. Healthcare has been moving sideways despite the mild negative bias, and IT has remained rather solid but still range-bound. Metals have been one of the weakest sectors but deeply oversold. Realty too has been under near-term pressure, but the decline has been rather tame.

The Nifty has been under obvious pressure, and despite some near-term respite, a reversal isn’t visible yet. While only a close below the 5829 level could exacerbate the decline, a delayed recovery cannot be ruled out.

 

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