Nifty showing strength, but narrow breadth worrying: Udayan

It was a very rangebound session fort eh Nifty today. The index moved around 30-40 points through the day, around that 5300 level. However, SBI numbers threatened to take the Nifty below 5,300,says CNBC-TV18鈥檚 managing editor Udayan Mukherjee. Just after the SBI numbers, it looked like 5300 may break down, butthat got arrested and the Nifty managed to close flat,well above 5300. The indices were up 2% for the week because of the gains posted in the first part of the week, that鈥檚 Monday and Tuesday. SBI was downabout 4% after the disappointment in asset quality. Yesterday鈥檚 big result candidates Ranbaxy and Tata Motors also came off today. The Bank Nifty also was under some degree of pressure becauseof the public sector banking names. Of course this was offset in part by HUL and some of the metals stocks which did well. The disturbing thing about the market over the last few days is that while the Nifty has held out the market breadth is not convincing at all.