Category: Daily Pre Market Picture

At 8:00am IST, the SGX Nifty Futures was trading at 14,751, compared with Nifty’s close of 14,683, yesterday.

Market status: Uptend Under Pressure

Distribution days: Seven

Global stock markets: Dow30, -0.3%; S&P 500, -0.1%; Nasdaq, -0.1%; Nikkei, -0.1%; Kospi, +0.2%

Yesterday, Nifty opened 100 points higher and advanced further to make an intraday high of 14,779. Similar to previous few sessions, it succumbed to selling pressure and turned negative intraday. Some buying in the last few hours helped the index close with a gain of 0.3%. Of Nifty50 stocks, 62% of the stocks advanced. Barring Nifty Media and Financial-related sectors, all the sectoral indices closed in the green. Nifty Pharma (+1.8%) and Metal (+1.4%) were the top advancers. The advance-decline ratio was in favor of advancers. Of 2,255 stocks traded, 1,157 advanced, 736 declined, and the rest remained unchanged. FIIs net sold shares worth Rs 1,092 crore, while DIIs net bought shares worth Rs 416 crore.

Nifty breached its 21- and 50-DMA on Monday, after hovering around its key moving averages in the past few weeks. Index breaching its moving averages is a sign of weakness. Yesterday, it found resistance around its 50-DMA. We will change the status to a Downtrend, if Nifty doesn’t retake its 50-DMA and if market leaders show signs of deterioration in their price actions.

Key News

Tata Steel achieved the highest ever quarterly crude steel production of 4.75M tonnes with 3% q/q growth in Q4 FY21.

Reliance Industries’s Jio Infocomm has entered into a definitive agreement with Bharti Airtel to acquire the right to use spectrum in 800MHz band in Andhra Pradesh, Delhi, and Mumbai circles through spectrum trading.

-In Gujarat, night curfew is imposed between 8pm to 6am from today till April 30.

-IMF increased FY22 real GDP growth estimates by 100bps (from January) to 12.5%. However, there is a severe downside risk to the growth outlook for the economy if COVID-19 cases continue to increase.

O’Neil Market Condition Report

For the 24 emerging markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 30%; [Rally Attempt], 12%; Uptend Under Pressure, 52%; Downtrend, 6%.

For the 24 developed markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 65%; Rally Attempt, 10%; Uptend Under Pressure, 25%; Downtrend, 0%.

At 8:00am IST, the SGX Nifty Futures was trading at 14,716, compared with Nifty’s close of 14,637, yesterday.

Market status: Uptend Under Pressure

Distribution days: Seven

Global stock markets: Dow30, +1.1%; S&P 500, +1.4%; Nasdaq, +1.7%; Nikkei, -0.8%; Kospi, -0.2%

Yesterday, Nifty had a muted opening but quickly succumbed to selling pressure. It made a day’s low of 14,459 i.e., down over 400 points from the previous session’s close. In the process, the index closed below its 21- and 50-DMA. However, post noon, the index saw some buying at lower levels to close in the upper half. The session qualified as a distribution day as it fell more than 0.2% on higher volume compared with the previous session. Barring Nifty IT (+1.9%) and Metal (+0.9%), all the sectoral indices closed in the red. Financial related stocks dragged the market as they closed with losses of 3–4%. FIIs net sold shares worth Rs 932 crore, while DIIs net bought shares worth Rs 75 crore.

Nifty breached its 21- and 50-DMA, after hovering around its key moving averages in the past few weeks. Index breaching its moving averages is a sign of weakness. We will change the status to a Downtrend if Nifty doesn’t retake its 50-DMA and if market leaders show signs of deterioration in their price actions.

Key News

Maruti Suzuki India reported production of 1,72,433 vehicles in March 2021, compared with 92,540 vehicles y/y.

Jindal Steel & Pwr.(Nse) has ended the fiscal year on a strong note with sales hitting a new record of 7,86,000 tonnes in March (up 61%y/y). For FY21, production of 7.51M tonnes (+19% y/y) was the highest ever annual production.

Ircon International Limited’s board of directors have approved the issuance of fully paid up bonus shares in the ratio of 1:1.

O’Neil Market Condition Report

For the 24 emerging markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 30%; Rally Attempt, 12%; Uptend Under Pressure, 52%; Downtrend, 6%.

For the 24 developed markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 52%; Rally Attempt, 4%; Uptend Under Pressure, 40%; Downtrend, 4%.