NIFTY moves topsy-turvy, closes below the psychological 10000 mark. Heavyweights see churning, even as market trades BEAR….
* The NIFTY opened flattish @ 10042.60, marginally up by around 30 points over Tuesday. Initially what seemed to be a continuation of SIDEWAYS move of earlier day, as NIFTY moved around the intermediate RESIATANCE @ 10050 mark. But the resilience at higher levels, was just a flash in the pan, as the momentum was lost in the later half. Not just did the NIFTY move below par, but also breached the psychological 10000 mark. In the end, NIFTY shut shop @ 9984.80 DOWN by 32.15 points or 0.32%.
* The broader indices reversed bay as they underperformed the benchmark NIFTY. While the NIFTY MID100 FREE closed DOWN by 1.06% to close @ 18480.35; the NIFTY SML100 FREE closed DOWN by 1.39% to close @ 7847.65. The broader move also indicated a clear BEAR tranche, with 631 advances to 1123 declines. The INDIA VIX reversed trade over the day as it shot UP by good 6.27% to close @ 11.81 mark.
* A reverse of Tuesday, the sectoral & thematic indices traded largely in the RED. While the defensives like NIFTY IT & NIFTY ENERGY saw a pick-up of around half a percent a piece, the NIFTY REALTY & NIFTY PSU BANKS moved DOWN in profit booking dragged DOWN by around 2 percent.
* After two consecutive days of DOJI, the NIFTY seems to have given advantage to the BEAR side. The dynamics of the market still hang in fine balance and we are back to the 61.8% retracement level of recent fall (10179 - 9688), a shade short of the psychological level of 10000. The support still comes around 9920 levels, last week average traded price on the Futures side. Even though short-term tide seems to have turned back SIDEWAYS, we would maintain our cautious view on Index specific longs as the bearish reversal in recent past were sharp. Hence, we believe one should avoid focusing on the index at this moment and should continue focusing on individual stocks.
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