The Nifty Index just refuses to get bogged down now. EU worries, US slowdown worries or Asian worries; nothing has stopped this juggernaut through the month. Now we are up 12.5% for the month and conclusively. Today’s performing stars are all the high beta names and now the thing is getting a little worrisome, when all of the circumspect start to move and that too very fast.
The likes of SAIL, Jaiprakash and REL Infra have been moving like photons on steroids over the course of this week. Also what has been interesting is that there are more names cooling off quickly like HDFC Bank, HDFC, ITC and these are classic top names with good quality behind them. So if these guys settle down and start to move down, then it is only time before we start losing momentum on the crappy stuff.
For now, this month could be the best for a long time to send New year Greetings to client’s along with the month end reports. J
Nifty has reached at strong resistance level of 5200. It is likely nifty here sees some profit booking/ consolidation for few days before the next upmove. If manages to close above 5200 for couple of days, nifty could head higher to 5350 in near term. If not, profit booking could take nifty lower to 5000 levels.
Keeping it short. Enjoy the weekend.
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