Nifty heavyweights have been in a downtrend of late with the exception of technology as Iraq, inflation and poor monsoon take its toll on the market.
Tech stocks, which under performed for a while now, due to Rupee appreciation, are now supporting the Nifty and keep it above 7500. If not for the buoyancy in tech stocks, we may have been looking at a Nifty level of 7200.
The following chart showing Relative Performance indicates how the tide has turned in favor of tech stocks since June 10th.
