Nifty In An Intermediate Downtrend
3/7/2013 9:01 PM Thursday
The NSE Nifty has more or less moved along the expected lines. The 6100 level seems aeons away, while a close below the 5829 level has seen a deeper decline setting in. Despite an oversold situation in certain areas of the market, the recoveries have been sparse and totally unsustainable. Needless to say, the outlook still remains negative as the relentless selling pressure has finally taken a toll on the market, and a sharply negative advance-decline line is a mute witness to the current ongoing implosion.
The Mid-Caps and Small-Caps have flattered to deceive. The pullbacks have been rather insipid and fresh new lows are a regular feature. Banks have finally fallen in line to collapse with the rest of the market. Capital Goods has maintained its position as one of the weaker sectors around. Consumer Durables has finally staged what currently looks like an unsustainable recovery. FMCG has defied all odds to hold on, while Healthcare has also reflected relative strength. IT has posted a fresh two-year high. Metals continues to remain the weakest sector and has just about posted a fresh four-year low. Realty too has been under a significant amount of pressure to collapse.
The Nifty has been reeling under sharp selling, and even now refuses to show any signs of a reversal. While a further downside seems like a distinct possibility, support from retracement levels like the 5608 or 5452 level could see stability and the probable onset of a delayed but sublime rebound.
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