WRONG! Just harmless Profit Taking..
5850 is a great support mark for the Nifty and the BSE 100 as well that is getting increased investor and institutional attention globally since we launched the FNO segment. Such a great support mark that profit takers can expect a better mark near 6000 to come again soon for their year end Holiday tubs of cash for the family and the redemption pressure is unlikely to buckle the indices. Infact additionally the assassination of the worthless Bannknifty components has begun in select earnest, Friends of India taking out select scrips than the whole index when the market opened today with PNB, Canara and others paying for trying to discriminate from the PSU label without backing it up with better qualoitty credit assets.
The WPI release later in the day will be an important test for the level though, as it is expected to creep up in the Festive season though key inputs for food companies including seemingly milk and coffeee ahave dropped by as much as 20% in a report by ET (sister publication of ETNOW)
I agree with traders that Glenmark, SPARC and certain others have hardly tried any move relative to their performance but the move on Tatamotors will get eaten into by a downtick on the older FMCG dimsums like ITC and HUL. ITC seemingly having failed that talk about replacing HUL went down like a carpet licker leaving carpetbaggers not on the PSU bank bandwagon happy and raring to go on the gravy train as the Indian market prepares for another year of outperformance as China and Brazil’s locked up funds hopefully get some air out after the second half of the year begins and Phils, Thailand, Turkey and others tire of the non stop skyward run