Reading Time: 6 minutes
- Markets seem to continue on correction mode with Nifty losing 1.3% this week. This week started on a positive note with two consecutive green sessions but lack of strength on the demand side meant that the most recent resistance level of 18265 could not be surpassed resulting in a further break down. The last three sessions have been negative and we are exactly near an important support of 17775 which might as well decide the fate of Nifty in the near short term.
- Nifty remained the weakest amongst the lot losing 1.36% while the mid-small 400 index was relatively strongest losing about half a percent. In the last 30 days, all benchmark indices have uniformly lost between 3% and 4%.
- Profit booking was felt across all sectors this week. Money took shelter in FMCG and PHARMA while majority of the sectors lost between 1% to 2%. BANKING stocks witnessed some correction after a good run in the up trend. When you look at the performance in the last 1 month, IT & REALTY have been the weakest losing about 8% each.
- Mi MT Allcap returned good figures of 1.7% followed by Mi 20 which gained 0.95% while most other strategies remained synonymous with their benchmarks. Mi NNF 10 , Mi ST ATH and Mi ATH 2 lost in excess of 2%. Dec 2022 hit our all cap bouquet quite hard as the losses in the last 1 month are about 10% completely eclipsing the good results accumulated till then. We will be patient till we witness another leg of uptrend where we hope to quickly cash in , make the most and finish FY 23 on a good note.
Click on the link below to read the full report.
