Market breadth good since morning

CNBC-TV18’s Executive Editor, Udayan Mukherjee - It’s not a bad day for the market at all. The breadth has been good since morning like yesterday but today many largecap names have also started participating. As we speak, take nothing for granted we are doing pretty okay on largecap and midcap end of the market.
 
Volumes are low, conviction is low as well but there has been a slow and steady up move as well in the market which is encouraging over the last couple of days. We don’t know what will come off it but atleast some positive signs which we need to take note of.
 
I think calm is the right word for the last couple of days. It has not looked volatile; it has not looked edgy. It has gradual build up, little bit of strength. Good that the breadth is good and midcap names have started moving.
 
There is little bit to be said for the markets. Last couple of times or more than couple of times we have seen some bit of strength in the market and have got excited. But the market has generally flattered to deceive, so we don’t want to read too much into what has gone on in the last 48 hours. Volumes are extremely low and there is no great sense of conviction or confidence in the market yet but the price movements have not been bad over the last couple of days.

It’s not been that boom-burst kind of market moves. It’s been a slow gradual move up today. There has been participation from Reliance group of stocks which has been encouraging. It is not conclusive but every time Reliance, RPL etc and even the Reliance energy set move. We get hopeful but wait and watch, the market has belied on its hopes too many times in the past.
 
There is no sanctity to any level. I know 4,800 has become a bit of psychological level these last couple of days. But I don’t think those levels per se are important but if this kind of constructive move can build over the next few days without any jerk down and we have couple of events which will produce jerky movements next couple of days, we might be getting somewhere but too early to say just yet.