Steady upmove better than V-shaped recovery

CNBC-TV18’s Managing Editor, Udayan Mukherjee : It started well today and its been holding pretty well through the trading day, small flip flops have happened but at no point has the market looked in danger of giving all the gains. So it has not been terribly volatile just a touch of volatility in the mid of the day, otherwise the largecaps have been good, we have got good leadership today in the infrastructure sector, some of the banks, telecom, FMCG, IT have not looked too bad and the market has good breadth today, which is very encouraging. So fingers still crossed on sustainability and durability of this move but so far it’s been okay.

I quite like the shape of what’s been going on for the last couple of days because you tend to get a sense of accumulation going on, its almost like distribution at the top where the market goes up and then gets very volatile for a few days before the big fall happens and for the last few days, its seeming like its doing the reverse, which is a bit of an accumulation. So I don’t know whether this is the platform of a slightly more meaningful move which might come in the next few days but fingers crossed, so far I think the signs are not so bad and some of the sectors actually do not look like they are doing very badly after their recent falls.

The market has not darted up one way and the vertical pull back is quite encouraging because you could have seen a V-shaped kind of recovery but those would have not lasted very long. So the fact that the market is going up, coming down, moving up 1-1.5% a day it’s all very encouraging it is much better than having a quick 1,000-points rally, which fizzles out after three days. I know may be I am making out too much of it may be it would not last very long but so far the signs are pretty okay.