SENSEX and NIFTY 50 struggling to break the resistance
It appears the benchmark indices are having difficulty breaking the recent highs with SENSEX unable to hold over 40,700 and the NIFTY 50 unable to hold over 11,950. Even though the indices are up as compared to yesterday’s closing but they are down from their morning open.
It is noteworthy that these highs are proving to be a ceiling that the markets are having difficulty again and again to break.
However, the conviction of the buyers is also visible as the lows are higher in each attempt to break the highs.
Small-cap stocks seem the most anxious to break higher
Of the three market caps, the small-cap stocks seem to be the most anxious to break higher, followed by mid-cap stocks, while the large-cap stocks seem to be having difficulty moving higher, as indicated by their respective indices.
Also Read: The stock markets once again attempt to break the highs
Sector-wise performance
Nifty auto is the leader of the day till now with the index being up about 1.8% and the next-best performing sector is media with its index being up about 1%.
Realty stocks seem to be taking a break after showing a huge upmove in the last couple of trading days, with its index being down about 0.4%.
The other laggards include stocks of banking, financial services and FMCG.
Conclusion
The markets are again attempting to break higher. Overall, the progress seems difficult, but the stocks of smaller companies may be able to lead the markets higher.