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Chase any Nifty bounce with caution now; Metals, Pharma, FMCG look better placed SECTIONS Chase any Nifty bounce with caution now; Metals, Pharma, FMCG look better placedBy Milan Vaishnav, CMT, MSTA, ET CONTRIBUTORS Last Updated: May 22, 2021, 12:27 PM IST Share Synopsis The headline index closed with net gains of 497 points (+3.39%) on a weekly basis to finish on a broadly strong note. Getty Images Nifty PSE Index has slipped inside the weakening quadrant. Despite intermittent hiccups, the week gone by turned out to be much better than expected for the Indian market. Nifty not only averted the bearish consequences for the violating the Rising Trend Line, but also went on to end the week with decent gains. Compared with the previous week, this time Nifty traded in a wider range, oscillating in a 465-point band, mostly with a bullish bias. In between, it saw two days of consolidation and throwback. ....
Indian equities continued a measured climb over the past five days, and have gone on to pile up some incremental gains. After a brief consolidation at the start of the week, Nifty has gone on to mark fresh lifetime closing highs each day, as liquidity continued to chase equities. The Dollar Index remained weak, which fuelled FII inflows to the emerging markets in general. The headline index itself oscillated in a 326-point range and ended with a net gain of 246 points, or 1.83 per cent, on a weekly basis. This was the seventh straight week of gains for the index. The coming week is a truncated one as the markets will be closed on Friday for Christmas. If we read the technical charts in isolation, the index is now highly overstretched on both daily and weekly timeframe charts. It is a different thing that a weak dollar is continuing to fuel FII inflows, and a surge in liquidity is helping the market momentum. ....