Market Pulse:
Highlights:
Two down and three up days
Weekly Market Review:
Bulls were in charge again on D-street, as both major indices accumulated gains for the second consecutive week.
The weekly action of the Indian market resembled a tug of war contest between two teams where bulls overpowered bears on the back of a strong rally on Friday. Continue reading “Weekly Big Picture – Stocks Power Up Despite Rate Hike”
Abbott India gained 3.3% to scale a new high in today’s session. The stock broke out of a 16-week-long ascending base pattern today. It has gained 43.4% since the beginning of the year.
Today’s Action:
Trade war fears weigh on market; midcap and smallcap indices hold ground.
Daily Market Review:
Global trade war concerns came back to haunt market bulls as the frontline indices slipped 0.9-1%. As a result of low volumes, today’s session did not qualify as a distribution day.
Both the Nifty and the Sensex were in negative territory right from the start and remained weak throughout the day.
However, broader market indices latched on to their gains. The Nifty Midcap and Smallcap advanced 0.1% each.
The market breadth turned in favour of losers. Of the 2,069 stocks traded on the NSE, 850 advanced, 899 declined, and 320 stocks remained unchanged.
The broader market managed to hold ground as both the Nifty Midcap and Smallcap ended flat at 0.15% and 0.03%, respectively.
On the sectoral front, all indices ended in the red barring Nifty Pharma (+1.3%) and Metal (+0.2%). The top losers were Nifty Realty (-1.7%), Auto (-1.4%), and Financial Service (-1.1%).
The IND 47 index, MarketSmith India’s proprietary list of top 47 stocks in chart and fundamental characteristics, lost 0.2% in today’s session.
The market direction remains unchanged at a Confirmed Uptrend with a low distribution day count of one on the Nifty and two on the Sensex. The broader market is still in a Rally Attempt.
Current Outlook:
– Market environment conducive for purchases, but remain selective.
– Focus on fundamentally strong stocks breaking out of solid technical patterns.
– Stay disciplined and exercise sound buy and sell rules.
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Bata India continued its bullish momentum and hit a new high today. The Company reported good set of numbers on July 23, delivering a revenue growth of 8.3% y/y and EPS growth of 36.6%. Today, the stock advanced 3.6% on above-average volume and closed 16% above its pivot price of Rs 816.70.
Today’s Action:
Benchmark indices erase early gains, broader market held ground.
Daily Market Review:
Investors opted for a cautious route awaiting the outcome of the Reserve Bank of India’s bi-monthly monetary policy review.
After starting the day on a positive note, key indices erased all their gains and slid into negative territory. Selling pressure mounted on bourses after the monetary policy committee increased the repo rate by 25 bps to 6.5%.
Continue reading “Daily Big Picture – Market Kicks Away Early Gain After RBI Rate Hike”
