Venky’s India scooped a gain of 13.3% amid strong buying intrest. The stock recently broke out of a 12-week long consolidation base pattern to enter new high ground. The stock has strong fundamental and technical characteristics with EPS Rank of 99 and Price Strength of 96.
Today’s Action:
Nifty succumbs to distribution, while broader indices stage superb recovery.
Daily Market Review:
On expected lines, India’s key indices came under the pump right from the word go. Rising inflation concerns in the U.S. jolted global market sentiment, resulting in a gap-down opening in India’s benchmark indices.
While both the Sensex and Nifty tried their best to recover lost ground in the final hour of the session, weak fiscal deficit data dashed the hopes of market optimists. Eventually, the Nifty and Sensex ended the day with losses of 0.6% and 0.5%, respectively. Continue reading “Daily Big Picture – Distribution Hits Nifty; Broader Indices Fightback”
Avenue Supermarts continued to trend higher, as the stock hit a new high today. The stock rallied 4.9% on above-average volumes. It had broken out of a consolidation base pattern recently and has advanced 5.1% from its previous pivot level of Rs. 1288.65.
Today’s Action:
India’s key indices turn weak, as they face stiff resistance at their 50-day lines.
Daily Market Review:
After a promising start to the week, today’s session turned out to be a damper for the market.
Stock market optimists had nothing to cheer about, as early-session gains turned into a 0.3% loss for both the key indices. Continue reading “Daily Big Picture – Distribution Sets In As Nifty Faces Resistance At 50-DMA”
KEC International hit a new high in today’s session, as the stock zoomed 6.6% on heavy volumes. The Company had reported strong Q3 numbers on Februray 6, with revenue growing by 26% y/y and EPS jumping by a whopping 79% y/y. Currently, the stock is trading at 33% above its pivot price of Rs. 321.70.
