Here’s the Chart of Nifty
There is very little one can do when market is just bouncing around with no clear direction. Just look at the chart of the Nifty – it’s just moving all over the place up down and nowhere. There is no clear leadership except few names in Pharma, IT and FMCG space.
Gas pricing reforms seem to have played out with Reliance making a big move but now at resistance of 890-910. ONGC will be in big subsidy mess thanks to INR depreciation. Banking looks weak with most of the stocks threatening to break down.
Nifty will open down depending on Global cues but there is no fundamental strength in the market. With Tapering talk gathering momentum – Indian markets may not get adequate liquidity support too. So, there is very tough case to make in any direction right now. It’s a market that is avoid as of now on positional basis.
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