Nifty has been all over the place in CY2015 with no clear leadership. Nifty has just been swinging to various Global and local news with no clear direction.
Here's Nifty Chart in 2015
The real problem: Nifty on a Longer term basis is SUPER BULLISH but over medium term - lacks any clear trend. There is no specific stocks or sectors which has the leadership to keep Nifty firmly in bullish hands.
Nifty made a bottom on September 07 2015 because it touched an important support of 100 week ma and since then has done well. Here's the weekly chart
I did cover Nifty making a possible bottom on September 08 2015 based on the above rationale. The good news it has worked well over last one and a half month
On any correction, again the eyes will be on 100 week ma which as of today stands at 7770.
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Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers