SENSEX and NIFTY 50struggling to break the resistance
It appears the benchmark indices are having difficulty breakingthe recent highs with SENSEX unable to hold over 40,700 and the NIFTY 50 unableto hold over 11,950. Even though the indices are up as compared to yesterday’sclosing but they are down from their morning open.
It is noteworthy that these highs are proving to be aceiling that the markets are having difficulty again and again to break.
However, the conviction of the buyers is also visible as thelows are higher in each attempt to break the highs.
Small-cap stocks seemthe most anxious to break higher
Of the three market caps, the small-cap stocks seem to bethe most anxious to break higher, followed by mid-cap stocks, while thelarge-cap stocks seem to be having difficulty moving higher, as indicated bytheir respective indices.
Sector-wise performance
Nifty auto is the leader of the day till now with the indexbeing up about 1.8% and the next-best performing sector is media with its indexbeing up about 1%.
Realty stocks seem to be taking a break after showing a hugeupmove in the last couple of trading days, with its index being down about0.4%.
The other laggards include stocks of banking, financialservices and FMCG.
Conclusion
The markets are again attempting to break higher. Overall,the progress seems difficult, but the stocks of smaller companies may be ableto lead the markets higher.