Nifty continued it's bearishness which it caught on Friday all through the trading session with a strong reversal coming towards close. last hours witnessed volumes above 80% of its average, which clearly indicates direction change. But, with these volatile moves, Nifty has gone into a broad range pattern. It is likely to give whipsaw trades before any clear trend emerges.
With budget just a week ahead and feelers coming through media about the not much favourable budget, there are possibilities for the market to tread the side ways pattern till budget announcement. After budget a clear direction is likely to emerge. The indications are towards the bearish side.
Technology sector gave a strong move up today with TCS and WIPRO give a strong lead. But, sadly their charts do not reflect any good trend. Many prominent industry groups have eroded significant value on their indices and are in the verge of the next bear move.
There are very few Industry groups that are showing strength at present. One among the best industry which is continuing its uptrend for more than a quarter and staying at the top is the Leather products Industry group. Even here BATAINDIA which showed good run up today has gone into sideways range on the weekly. MIRZAINT, another stock from this Industry group is trending and has a likeliness of further bullish moves.
Energy sector closed as the 2nd biggest winner today. RELIANCE and ONGC have made considerable recovery in their price.
With the top volume and value players going into sideways mode. Choppiness is likely to continue and there are lesser opportunities for intraday days in the coming days.
With budget just a week ahead and feelers coming through media about the not much favourable budget, there are possibilities for the market to tread the side ways pattern till budget announcement. After budget a clear direction is likely to emerge. The indications are towards the bearish side.
Technology sector gave a strong move up today with TCS and WIPRO give a strong lead. But, sadly their charts do not reflect any good trend. Many prominent industry groups have eroded significant value on their indices and are in the verge of the next bear move.
There are very few Industry groups that are showing strength at present. One among the best industry which is continuing its uptrend for more than a quarter and staying at the top is the Leather products Industry group. Even here BATAINDIA which showed good run up today has gone into sideways range on the weekly. MIRZAINT, another stock from this Industry group is trending and has a likeliness of further bullish moves.
Energy sector closed as the 2nd biggest winner today. RELIANCE and ONGC have made considerable recovery in their price.
With the top volume and value players going into sideways mode. Choppiness is likely to continue and there are lesser opportunities for intraday days in the coming days.
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