Another last hour reversal, can you beat that? The scene was set for a good weekly close : a strong Thursday rally, solid global market cues, benign inflation numbers and the presence of large uncovered shorts.
But the sheer resistance above 4200 on the Nifty seems to be immense. The Nifty kept hitting that wall repeatedly before finally capitulating before it in the last 30 minutes of trade, in the process eroding quite a bit of Thursday's feel-good and raising fresh questions about the sustainability of this market at higher levels. Derivative traders are also confused and keep changing their option goalposts every other day.
It has been such a volatile week. No two days have been the same. It is fitting then that the Sensex finally ended flat with the bulls and bears sharing honours. No direction has been found, no trend discovered.
Even midcaps have sort of lost their way this week. Rallies are sporadic and shortlived, rather than trendsetting. There is no major sectoral move either. On the odd day, capital goods stocks have shown some life; banks, metals and IT have been volatile, and oil and gas sedate.
On a weekly closing ,it appears flat, but actually it has been all over the place. Such a lot of volatility within a narrow 100 point Nifty range is a bit unusual. Next week, hopefully we will see some resolution. But expect no help from the liquidity front.
DLF maybe over but ICICI opens next week. Another mammoth issue for the market to wade through. Given this primary market backdrop we have only managed to stay flat because of solid global market performance. Hopefully, that will not change next week. If it does, the straws pile up on the camel's back.
(The writer is Executive Editor, CNBC-TV 18)