Again Nifty ignored the global cues to close down for the week. The seriousness of the fall in Nifty and the mass exodus of investors (esp foreign) can be measured by the fact that, YTD India is 2nd worst market globally. And guess who is the worst, yes you are right, its Egypt!
Coming to the breadth, few laggards have degraded themselves to -100%, though there is no material difference as compared to last week. "Strength Index" an oscillator of the market breadth prepared by yours truly has just dipped a tad from -62% to -63%.
Though the Nifty dipped around 125 point this week the breadth is still holding on. We can expect tight range trading with negative bias, due to strong supports in 5300s. 5350 broken convincingly should start another bout of strong selling.
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