The week saw a 6.2% rise in the Nifty, which closed at 5040, up substantially from last week’s close below 4750. The fibonacci retracement at 4800 (61.8% of the rise from the lows to the all time high) seems to be complete, and the bounce has been sharp.
Sectorally, Metals did the best, up 12% and realty came back up 11%. These have performed the
Volumes aren’t encouraging either. The average daily volume in August – a month that saw a drop of over 8% – was 11,700 cr., much lesser than earlier. This, to me, indicates the bottom isn’t yet in.
(Ignore September, it’s just one day’s volumes)
