Market has nearly bottomed out, at least for now

Market has nearly bottomed out, at least for now

clipped from sify.com Market has nearly bottomed out, at least for now Further shorts build-up was seen on Tuesday and the Nifty touched a low of 4626 before bouncing back and closing almost flat for the day at 4707. The trend for the week continued to be weaker as more and more shorts got added, thereby resulting in the Nifty making fresh lows for the month. Sell-off was seen across the board. The sectors most hit were power, banking and real estate. The Oil ministry announced a hike in the petro products which resulted in initial upmove but the OMCs were victims of fresh shorts. ONGC was the stock of the week as the stock witnessed short covering and gave a movement of over 15% for the week. Globally, too, the scenario was stable as crude prices had fallen over $6 the previous day. Short covering was seen in frontline banking, real estate and power stocks. Some metal stocks like Tata Steel and Sterlite also witnessed short covering.