Today’s Action:
Key indices trade range bound; broader indices snap twelve-day winning streak. Nifty, +0.02%; Sensex, -0.07%; Model portfolio, +0.2%; and MSI Ind 47, +0.3%.
Daily Market Review:
Investor sentiment oscillated between distress and relief, as key indices turned highly volatile in today’s session.
Both benchmark indices opened at record highs, but profit-booking played spoilsport. As a result, the Nifty gained 0.02% and the Sensex dropped 0.07%.
In the broader market, selling pressure was more intense as the Nifty Midcap and Smallcap lost 0.3% and 0.9%, respectively.
Decliners outnumbered gainers by a margin of 9:7 on the NSE.
On the sectoral front, Nifty Media (+1.3%), Metal (+1.2%), and Auto (+0.3%) were the top gainers. Top losers were Nifty PSU Bank (-2.1%), Energy (-0.7%), and Realty (-0.6%).
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 Nifty Midcap and Smallcap remain 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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