Indian sectoral indices while remaining mostly in buy mode are showing signs of sideways move.
The indices average move last week was just 0.4% and prior week was -0.5% while the Nifty move 1.1% last week and -0.5% prior week.
The average move of last 2 weeks for broader market indices like BSE 500 is at 0.3%, Small cap at 0.6% and Nifty Mid cap was flat.
The weekly color is as follows:
The IT is still maintaining the Neutral color after the Infy's results shows broader strength is still present in the index.
The Auto and FMCG indices are clear winners and this could be a good monsoon macro trade.
The indices average move last week was just 0.4% and prior week was -0.5% while the Nifty move 1.1% last week and -0.5% prior week.
The average move of last 2 weeks for broader market indices like BSE 500 is at 0.3%, Small cap at 0.6% and Nifty Mid cap was flat.
This shows that while that there was some traction in Nifty there is no clear sectoral leadership as of now which can take markets to new highs.
The weekly color is as follows:
The IT is still maintaining the Neutral color after the Infy's results shows broader strength is still present in the index.
The Auto and FMCG indices are clear winners and this could be a good monsoon macro trade.
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