INSUBCONTINENT EXCLUSIVE:
a few stocks were holding up the Indian benchmarks as signalled by poor market breadth even when the indices hit record high levels.
This is
This may also mean even when the market goes into consolidation, it would most likely have a negative bias instead of witnessing the usual
sideways movement.
As many as 70 per cent of NSE500 stocks lost weight in the first eight months of 2018, shows a study by Elara Capital
The remaining 30 per cent looked like Captain Kohli, who along with occasional cameo play from other batsmen has kept Team India
competitive in England through this otherwise depressing looking series.
Another study by Edelweiss Securities suggests out of 11 sectors
that Nifty500 tracks, only four were at their lifetime highs when the benchmark indices hit new peaks.
However, this has been the case in
the previous lifetime highs too, which suggests investors now tend to concentrate on fewer stocks
Just 63 out the Nifty500 index companies were at lifetime highs of their own
The market breadth of NSE500 index (on a one-month rolling basis) has been worst in a decade!
Elara Capital said the number of NSE500 stocks
already corrected 20-30 per cent from its high point
The current situation is an exception
said.
Weekly indicators show NSE500, NSE Midcap and NSE Smallcap indices are back in the overbought zone after remaining in the oversold
This is an ideal level from where the next big round of weakness could be seen, Elara Capital said.
