Markets trade listless as Festive week kicks IN. INSIDE Day candle & Lower volumes make a case of disinterest ahead of the holidays….
* The NIFTY opened @ 10558.75, a flat opening of +5 points over last Friday. The opening was almost the HIGH as NIFTY ticked to the LOW within the first hour & a half of actual trade. The later part of the trading session was a clear listless move with an INSIDE day & lower volume, a clear case of disinterest. The market walleted quiet aimless, before closing the day @ 10528.20 DOWN by 24.80 points or -0.24%.
* The broader indices UNDERPERFORMED the benchmark NIFTY & yet closed in the NEGATIVE territory. While the NIFTY MID100 closed DOWN by 0.47% to close @ 17348.55; the NIFTY SML100 closed DOWN by 0.43% to close @ 6215.80. The broader market maintained an even-stevens with the BULLS & BEARS almost balanced with 865 advances & 892 declines. The INDIA VIX shot back UP, moving UP by 5.7% to close @ 19.2700.
* The sectoral indices traded pretty much MIXED. While the NIFTY PSU BANKS and NIFTY REALTY moved UP on the scale of 3.29% and 1.76% respectively. On the other hand, the NIFTY PSE pack moved DWON by around 1.5% each.
* The dynamics of the market remain pretty much same as the earlier day. The bet seems to have shifted in an advantage BULLS mode, having crossed above the crucial 10180 mark rather convincingly in the last week. The sustainability at HIGHER levels still remains the key. The price action indicates to a continuation of much needed relief rally, more so ahead of the festive season. The probability of UPSIDES till 10675- 10880 (38.2 to 50% retracement of the recent DOWNMOVE) certainly look OPEN on the cards. If Index breaks the last week’s ATP around 10350 than the next support is around the last week’s LOW around 10100.
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