The broader markets displayed better strength than what we have been seeing. This theme carried over from the previous day and we saw a rare day where the Midcap Index closed in green while the Nifty closed in red.
As discussed in our post for the previous day Nifty met with resistance eat the 11,620 levels and fell intraday. We still believe that the next week will see movement between 11,600 and the 11,400 levels.
The market breadth for the Friday market was not too bad. In-fact there were almost as many stocks advancing as the ones that were declining. So for two days in succession the broader markets have actually displayed resilience.The Midcap index chart at the moment gives a feeling that the retracement of the fall after the budget is in the works and hence there is a high probability that we see some more out-performance from the midcaps the coming week.