Thought for the day
"It is the mark of
an educated mind to be able to entertain a thought without accepting it."
—Aristotle (Greek, 384-322BC)
Word for the day
Too-too (adj)
Excessively and
tastelessly affected
(Source: Dictionary.com)
Malice towards none
Common
youth of India who had zestfully come out of their comfort zones and took on
streets just a couple of years ago - is again disenchanted by politics and
politicians.
Who is to
blame for this antipathy?
As expected (see
here) last week NIFTY mostly oscillated within the 7560-7940 range and
successfully prevented a break down. Nifty also managed to close the week near
8000 mark, thus leaving chance of the pull back rally extended to 8240 this
week.
The internals for the market though continue to weaken. Despite an
eventful week the market completely lacked momentum. Institutional activity
remained low. Market breadth remain almost even. Implied volatility fell
materially.
The retail participation remained high. The small caps showed
first sign of capitulation, though broader market continue to outperform.
As the comparison with November 2007-March 2009 period shows, this usually
is the beginning of the last leg of a market cycle. Expect large cap to
outperform in next 6-9 months as market searches for a bottom.
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