India VIX has been closing below 20(good sign), occasionally giving a spike scare then abating within the session.
Not much buying seen from FIIs/DIIs. In fact the FIIs sold 660Cr and DIIs bought only 112Cr. Yet market closed marginally in green. Is the market being kept afloat for a while?
The divergence can be easily noticed on the charts.
The NIFTY against NIFTY has been in a constant decline for four sessions.
Nifty is forming a Rounding bottom pattern, but the volumes have been on a continuous decline. (Ideally the volumes should expand while the price approaches the breakout point.)
The leading sectors (Metals, Pharma , IT) are not really moving ( wise).
We are seeing a lot of failed breakouts. A hard penny environment. The NIFTY looks like a stronger index vis-a-vis S&P500 on . But are we really seeing strength in the broader market?