Nifty Heavy Weight Stocks Also Turn Losers !
It was reported in some of the previous posts that market lacked volumes at just above the 6000 mark of the Nifty Index. It seemed that trading at the recent top was very sluggish and lacked enthusiasm. It was also opined that Nifty future may try to move out of the narrow range in the early part of the week. The last two posts also reported that market internals, as seen by the advance decline ratio, seemed to be very negative and traders may exercise caution. It was also stated that a reentry in to long position is not advisable because of added risk. The Nifty heavyweights seemed to be unaffected by the overall negative market mood on the back of the new found strength in the oil and other commodity stocks. Even though Nifty future was expected to test the 6030 level as indicated in the previous post, finally, the prevailing negative mood caught up with the Nifty heavy weight stocks too, on Wednesday. By the time market opened on Wednesday, the late positive momentum of previous day seemed to have been vanished in to thin air. Nifty futures opened some 35 points below the last traded price because of the negative indications. The open remained as the day's high and the morning session's trading was mostly centered around the 5940 reference rate.
Nifty Futures - Intra-day Chart
