NIFTY# View on the 29th January.

Today we saw the Index open on a positive note, moved up about 90 points and finally closed 60 points up with the buying pressure slightly edging out the selling pressure. The spread and the volume were above average.  However the overall market projected a different picture. The selling pressure clearly dominated the buying pressure. The declines were more than double of that of advances. The losses were five times of the gains. The sell volume was 69% compared to 31% Buy volume.  The overall market presented a negative picture for the last four sessions while the index presented a positive picture.  It looks  like lot of buying is happening in the index stocks while the overvalued and over stretched mid and small caps are being liquidated.  This scenario is likely to continue in the coming sessions too.