State of the Market–Nifty up everything else Flat.

A quick note on the state of the market.


What has happened in the last 1 month or so.

  • Nifty breaks out above 17400 and has moved up to 18400.
  • Bank Nifty breaks out above 39500 and is at 42500.   ( Do check our report in June 2022 )
  • US Inflation and Inflation around the world giving signs of Peaking out.
  • Dow Jones and most Global Indices up 12-17%. Reducing the extent of India outperformance.
  • Dollar Index from 113 to 106.
  • In this whole 1 month move the Smallcap Indices and Midcap Indices are at the same price for a month.
  • Earnings Season over.
  • Even in the top Nifty50, Nifty 100, Nifty 500. Most stocks have underperformed the Nifty.
  • VIX is now back to April ( recovery ) and pre Russia Ukraine crisis zones. Reduced Fear.
  • Selective Sectoral moves in Shipyard, Defense, Railys but more so PSU.
  • Basically some Index stocks up and everything else is flat.


Lets look at some charts

VIX Back to pre Russia Ukraine

Vix India


BSE Smallcap Index Flat – Nifty up from 17400 to 18400.

Most midcap and smallcap indices similar.


Nifty up Smallcap Flat


Dollar Index – Structure Broken.

A major top made and a big downtrend or sideways is the question.

Dollex gone


US Equities outperformance to the World continues.


US equities have been outperforming their international counterparts for nearly 15 years, and by a significant margin.

As a result, a ratio of the S&P 500 to the rest of the world (MSIC World ex-US) ended October at its most extreme level in history.



  • The market is pretty dull but there is a saying Never Short a Dull Market.
  • Overall trend continues to remain up but the momentum is missing.
  • Time to be stock specific and continue to any new emerging themes.
  • The bias remains Bullish but a Consolidation and a Dull Period is also needed.
  • Will be watching for momentum in Smallcap space going forward.



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