It’s been a while since I’ve done a snapshot, but the Nifty seems to be coiling in between the two big DMAs. (Daily Moving Averages)

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Even as the Nifty EPS increases to 291 (standalone), we notice that the market seems to have lost all the momentum it had in the near 24% rise in 2012.

The 50 DMA line has started to dip, while the 200 DMA line is still flat or sloping downwards. After a golden cross (50 crosses over the 200DMA) which happened in late Feb, we have consolidated around the 5100-5300 area. A death cross (50 goes below the 200) is at least 3 months away unless we see a huge dip right now,. Remember though that the consolidation might actually indicate an upmove, not a downmove.

It’s quite strange that we remain this high even with all the stuff waiting to hit us, from bank NPAs to a slowing economy to a depreciating rupee to a rising fiscal or current account deficit. The market doesn’t to care.

Now, tell them about it: