Market Hang in rangebound.It required some big news to come out of this rangebound.
I think there are few positives one can take away from the week, we have not affected a technical breakout to be sure going into next week, they are still in a trading range from a trading perspective but we are up 3% for the week and as you said, some midcaps have done well and it is always a good sign when interest returns to some of the underperformers and the forgotten sectors. The biggest underperformers and the complete apathy has in sectors like power and midcap IT and I think without exception you have seen interest coming back there.
This week you spotted stocks like Punj Lloyd, the forgotten Reliance Energy, the forgotten Neyveli Lignite, some of the midcap IT names and that is all very encouraging because it tells you that people are now willing to look at stocks, which have got beaten down quite mercilessly not to suggest that they will carry the mantle of leadership in to next week but at least the first signs of interest are visible in the beaten down sectors which is a positive takeaway.
The other positive takeaway is that the market has dealt with bad news pretty well this week, which refused to buckle down under pressure. In fact despite the poor inflation data and a couple of other bad news points which have come in this week the Nifty has not made the journey to 4,600 and sub 4,600 this week. That I think is a positive thing that one can takeaway.
Of course, it could all turn but all we are saying is that what are we carrying as a baggage to next week and I think also very importantly though we talk less and less about it nowadays, the global set up-emerging markets are doing pretty well. If we just plot what has happened to the US market to other emerging markets around us week on week, I think you will see that most markets over the last fortnight have actually done much better than us. So I think we still are in the midst of that global pullback kind of mode, which sets us also having underperformed quite so much in little bit of a good spot. So unless there is disappointment from Infosys or something, which we cannot predict I think we are going into next week feeling a little bit more bullish than bearish.
I think there are few positives one can take away from the week, we have not affected a technical breakout to be sure going into next week, they are still in a trading range from a trading perspective but we are up 3% for the week and as you said, some midcaps have done well and it is always a good sign when interest returns to some of the underperformers and the forgotten sectors. The biggest underperformers and the complete apathy has in sectors like power and midcap IT and I think without exception you have seen interest coming back there.
This week you spotted stocks like Punj Lloyd, the forgotten Reliance Energy, the forgotten Neyveli Lignite, some of the midcap IT names and that is all very encouraging because it tells you that people are now willing to look at stocks, which have got beaten down quite mercilessly not to suggest that they will carry the mantle of leadership in to next week but at least the first signs of interest are visible in the beaten down sectors which is a positive takeaway.
The other positive takeaway is that the market has dealt with bad news pretty well this week, which refused to buckle down under pressure. In fact despite the poor inflation data and a couple of other bad news points which have come in this week the Nifty has not made the journey to 4,600 and sub 4,600 this week. That I think is a positive thing that one can takeaway.
Of course, it could all turn but all we are saying is that what are we carrying as a baggage to next week and I think also very importantly though we talk less and less about it nowadays, the global set up-emerging markets are doing pretty well. If we just plot what has happened to the US market to other emerging markets around us week on week, I think you will see that most markets over the last fortnight have actually done much better than us. So I think we still are in the midst of that global pullback kind of mode, which sets us also having underperformed quite so much in little bit of a good spot. So unless there is disappointment from Infosys or something, which we cannot predict I think we are going into next week feeling a little bit more bullish than bearish.
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