Nifty Pulls Back, May Take A U-Turn
5/16/2013 9:01 PM Thursday
The NSE Nifty has moved as per our expectations and has given a breakout from the 5970 levels to enter a bullish zone. After the breakout, the Nifty continued to make gradual progress and finally consolidated at around the 6100 mark. The best part is that the index has crossed the aforesaid levels with good volumes. However, one should apply caution hereon, as if the index fails to sustain the current levels, it may take a U-turn. If that happens, a crucial support would be around 5950-5900. At the current levels, the outlook is quite dicey with no clear vision on the Nifty going ahead.
After a strong rally, the broader markets along with the Mid-Caps and Small-Caps have continued to make gradual progress. The FMCG and Heathcare indices were outperformers and led the rally. Banks and Capital Goods were in a consolidation phase. Metals showed some strength, but could not hold on to their gains. Realty and IT have both broken their respective support levels.
In the preceding week, the Nifty managed to close above its crucial hurdle at the 5970 level. Going ahead, we expect to see range-bound trades. As regards the expected move of the index, the lower-end range is around the 5950 level and the higher end is at 6150. Once we see a breakout or breakdown of the above mentioned range, one can take a call on either side.
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