A little bit of fatigue seems to be creeping into the Indian markets even as their overseas counterparts are enjoying an extended rally. September was spectacular for India. October and November were not so kind. In December, we somehow managed to claw our way back. But, early in January the markets seem to be lacking the spark again.
The road ahead is murky and there are no clear answers on which way the cookie will crumble for the Indian markets. The short-term direction will hinge on global cues, quarterly earnings and the outcome of RBI’s policy meeting.
The start today will be down, as US stocks closed mixed and key Asian markets are in the red. European markets rose anew, with UK’s FTSE pacing the advance. The broad range for the Nifty appears to be 6000-6300. It could be stuck between 6100-6200 in the immediate future. A close below 6115 could result in selling pressure.
Individual stocks, especially outside the main indices, will hog the limelight. But beware of the volatility in the small-cap and mid-cap counters.
