NIFTY and Bank Nifty has traded long on the hourly. BNF has traded long on daily too. But the picture is not all that rosy way ahead. The top ten stocks of our country have not caught up with the bench mark indices. While NIFTY made 0.86% gains, Top 10 has made 0.20% gains while SENSEX has registered 0.96 % gains. All are contradicting each other.
Apart from Consumer Services and Basic Materials on the top 10 ranking all other sectors are having their peers under perform the broader markets. Consumer goods have even turned negative. This means many different stories. CG lags when core sector performs, and that is visible here. All these observations are pointing to a very clear indecisiveness in the markets.
Long trades running now may have to counter challenges ahead. Daily charts have given good strength for the ensuing bullish move, there are possibilities of a slow move staying in the bullish zone, form a base there and then take off.
Many of the beaten down industries like Edible Oils, Packaging, and Housing Finance have registered strong gains. This only adds to more confusion among traders, when there is lack of smooth flow, panic prevails and gives room to volatility
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