NIFTY joined its global peers and gave an up close today which is above the EMA. Now the short signal goes off screen. Up, down, up, up, down in the course of the move coiling between EMA's, market is dumb struck not knowing where to go. Total indecision is prevailing at the moment. It is better to leave off NIFTY for a time being and concentrate on stocks.
It was a mixed bag today with exact 50% of the sectors in positive and the rest negative. All the sectors have retraced bearish divergence on the weekly charts. There are few Industry groups which are bullish; the current indecision in the market is rendering most of the strong stocks into non-trending zone.
FINANCIAL and UTILITY Sector was leaders today with HEALTHCARE and CONSUMER SERVICES doing badly. Those stocks which are still strong has not retraced in the current move. From the dried tap, we could find few good stocks at present.
BALLARPUR, VENKEYS & MAHASEAMLESS, trade long above previous day's highs. When the broad market moves up, these stocks would outperform. Like we had SURYA ROSHNI today.
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