Friday saw the index to reverse previous two days decline and posting a nice gain of 68 points or 0.59% to see-off the week on a high note. With this, the odds of continuation of primary uptrend also got a big fillip.
Metal stocks hogged the limelight today with Tata Steel, Vedanta being among the prominent winners in Nifty. We observe that Tata Steel broke away from its 200 day average from downside & that brightens it longer term perspective. We also witness the cyclical nature of the market to catch up with FMCG sector. Till a few weeks ago, this sector was among the winners and stocks like Hindusthan Unilever, Dabur, Marico used to outperform the broader indices by wide margin.However, they have now entered into underperforming zone and likely to continue their dry spell for few more weeks. Bajaj Finance, an old favorite of ours also posted smart gains and closed the week on a lifetime high. We expect to see its out performance to be further prolonged.
