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For Nifty 500 index we see that 34 percent of the index constituents are trading above their 20 days SMA while it was 87 percent in the first week of December and almost 83 percent in January first week.
Nagpal, who studies the Ichimoku indicators and harmonic patterns in stock movements, says the global picture is gloomy. The current rally is a bear-market one and he expects midcaps and small caps to outperform large caps.
After a corrective dip to 17,350-17,400, the market could rally to 19,500 in six to eight months, he said
"While large-caps were directionless, mid-caps saw an upmove, but restricted to certain selective stocks," says Udayan Mukherjee, Managing Editor of CNBC-TV18, summarising the market momentum for the day.
