Nifty closed below 17950, meaning this week can be added to the slew of many such frustrating weeks of late. The markets remained stagnant owing to the absence of domestic cues.
Hopes were up by mid-week as Nifty eased through the 18000 resistance. Many wondered if the correction had run its course. Except for today, we were up for a rude awakening.
Many believe a downturn is in the making, with western markets suffering high inflation and interest rates refusing to let up. That is if a domestic factor doesn't grab the steer (institutional investors to provide a stimulus?).
Aside from IT, Oil & Gas, FMCG and Metal indices gaining, all other sectors averaged a 1% decline.
As far as the trading models are concerned, they might not be making waves, but the performance is steady. Alpha Ally has closed 2.64% this week, which is pretty impressive given the index. Quick Short baffles us, holding onto the crown with 22.67% YTD!
In times like these, it is best not to overthink things. Our calculations, no matter how intense, will never conjure factors to influence the market. So stay put, and have a hearty weekend.
We will see you back on Monday.