Midcap indices are trading at 54 times whereas the headline indices are trading at 24 times.
Some sectors have corrected decently and are therefore ripe for bounce.
The domestic market is slowly factoring in the muted outcome, if any, from the Gujarat elections.
Second quarter GDP data may give edge to the BJP in poll-bound Gujarat.
Trading range of the market is narrowing, which indicates that this is a corrective rally.
Primary market showed signs of fatigue, as IPOs listed during the week traded below issue price.
On weekly chart, an engulfing bear pattern has emerged, which is very reliable and powerful.
Telecom was the only sector languishing, but it has suddenly sprung up into action.
Valuation dynamics made a case for investment in PSBs but the market has over-reacted a bit.
A decisive close above the 10,200 level will confirm a resumption of the upward trend.
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