Street signs: Rains boost FMCG stocks, wealthy investors shun NCDs and more

No bottom formation yet  

The market may have bounced back in the past two trading sessions but experts are saying that we are far from forming a bottom. They say the latest 250-point jump on the benchmark Nifty isn’t supported by good volumes and index heavyweights, such as Reliance Industries, are looking weak on the charts. “The market had entered oversold zone and such a bounce was on the anvil. Traders can use this to cover their longs or create short positions,” said a technical analyst. The Nifty dropped nearly 1,100 points from 11,950 to 10,850 between July 4 and August