Category: Daily Pre Market Picture

At 8:00 am IST, SGX Nifty Futures was trading at 15,710, compared with Nifty’s close of 15,635, yesterday.

Market Pulse: Confirmed Uptrend

Distribution Day Count: Two

Global stock markets: Dow30, -0.4%; S&P 500, -0.2%; Nasdaq, -0.1%; Kospi, +0.3%; Nikkei,+0.4 %

Yesterday, Nifty started the session flat and trended higher in the first half. It hit a fresh all-time high of 15,800, after which it staged a downside reversal and dropped 230 points to make an intraday low of 15,566. As the fall was more than 0.2% and volume was higher than in the previous session, it qualifies as a distribution day. However, the distribution day count remains unchanged as one expired at the close yesterday. All the sectoral indices closed in the red. Nifty Media (-2.1%) declined the most, followed by Realty (-1.7%) and PSU Bank (-1.4%). FIIs and DIIs were net sellers at Rs 846 crore and Rs 272 crore, respectively.

Nifty registered a distribution day for the first time since May 11. If the index falls further, adds a distribution day, and breaches its key moving averages, we may change the market status to an Uptrend Under Pressure. We recommend a selective approach to increasing risk. Focus on quality ideas emerging out of sound bases with RS line at or near new highs while reducing exposure to stocks breaking below key support levels.

Key News:

Bata India ’s Q4 FY21 results beat estimates on all fronts. PAT down 23% y/y to Rs 29.5 crore. Revenue declined 4.9% y/y to Rs 590 crore. Margin contracted 350bps y/y to 19%.

Bharat Petroleum, Hindustan Ptl , and Indian oil : India’s fuel demand reduced in May to its lowest since August 2020. Oil demand fell 11.3% m/m to 15.11M tonnes and was down 1.5% y/y.

-Yields for the 10-year U.S. Bonds slid to around 1.5%, lowest in the last three months.

Buy Watchlist: Nippon Life India Asset Management, Bajaj Finance, Sbi Cards And Payment Services, Page Industries, State Bank Of India, Ambuja Cements, Eveready Inds.(India), Varun Beverages, Colgate-Palmolive India, Sharda Cropchem, Berger Paints India, Icici Bank, Cholamandalam Inv.& Fin., Tata Power, and Apollo Hosps.Enterprise.

Sell Watchlist: Advanced Enzyme Techs.

At 8:15 am IST, SGX Nifty Futures was trading at 15,762, compared with Nifty’s close of 15,740, yesterday.

Market Pulse: Confirmed Uptrend

Distribution Day Count: Two

Global stock markets: Dow30, -0.1%; S&P 500, -0.02%; Nasdaq, +0.3%; Kospi, -0.2%; Nikkei, -0.3%

Yesterday, Nifty opened slightly higher and hit a fresh all-time high of 15,778. Within the first hour, it lost around 100 points and made a low of 15,680. As the session progressed, Nifty traded higher with volatility. Of Nifty50 stocks, 54% advanced. On the sectoral front, there was a mixed action. Nifty IT (+1.2%) advanced the most, followed by Media (+0.9%) and Pharma (+0.9%). On the flip side, financial-related indices closed 1.0–1.5% lower. FIIs were net buyers at Rs 1,422 crore, while DIIs were net sellers at Rs 1,640 crore.

Nifty making a new high, the broader market back in momentum, distribution day count down to two, and no distribution day after May 11 are positive signs for a sustainable rally. However, without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions. If the index falls further, adds a distribution day, and breaches its key moving averages, we may change the market status to an Uptrend Under Pressure. Focus on quality ideas emerging out of sound bases with RS line at or near new highs while reducing exposure to stocks breaking below key support levels.

Key News:

Welspun has received multiple orders of approximately 164 KMT valuing close to Rs 1,725 crore. With these orders, the company’s order book stands at 525 KMT valued at approximately Rs 4,800 crore, after considering execution up to May 2021.

Galaxy Surfcants ’s Q4 revenue increased 19.7% y/y to Rs 786 crore. PAT grew 25.3% y/y to Rs 79 crore. For FY21, EBITDA/MT grew 16.4% y/y to Rs 19,465.

Q4 FY21 investor presentation can be accessed on: https://www.bseindia.com/xml-data/corpfiling/AttachLive/4653135d-50c2-4016-9a87-3e144c285125.pdf

Buy Watchlist: Nippon Life India Asset Management, Bajaj Finance, Sbi Cards And Payment Services, Page Industries, State Bank Of India, Ambuja Cements, Eveready Inds.(India), Varun Beverages, Colgate-Palmolive India, Sharda Cropchem, Astral, Berger Paints India, Icici Bank,  Cholamandalam Inv.& Fin., Tata Power, and Apollo Hosps.Enterprise

Sell Watchlist: Advanced Enzyme Techs.

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Today’s Action

Nifty, -0.1%; Sensex, -0.1%; Nifty Midcap, +0.6%; Nifty Smallcap, +0.5%; Model Portfolio, +1.5%.

Market Pulse: Confirmed Uptrend

Distribution Day Count: Two

Nifty opened higher with a minor 20 points and hit a fresh all-time high of 15,778.8. Within the first hour, it lost around 100 points and made a low of 15,680. As the session progressed, Nifty traded higher with volatility. Of Nifty50 stocks, 54% advanced, led by Tata Motors (+2.1%) and Tech Mahindra (+2.3%). Major decliners were Hindalco Industries (-1.8%) and Tata Steel (-1.6%).

On the sectoral front, there was mixed action. Nifty IT (+1.2%) advanced the most, followed by Media (+0.9%) and Pharma (+0.9%). On the flip side, financial–related indices closed 1.0–1.5% lower. The advance-decline ratio was in favor of advancers, as out of 2,254 stocks traded, 1,051 stocks advanced, 880 stocks declined, and the remaining closed flat.

Nifty making a new high, the broader market back in momentum, distribution day count down to two, and no distribution day after May 11 are positive signs for a sustainable rally. However, without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions. If the index falls further, adds a distribution day, and breaches its key moving averages, we may change the market status to an Uptrend Under Pressure. Focus on quality ideas emerging out of sound bases with RS line at or near new highs while reducing exposure to stocks breaking below key support levels.

Key News

Suven Pharmaceuticals ’s Q4 FY21 revenue increased 38.1% y/y to Rs 262.5 crore. Net profit increased 12.1% to Rs 83.2 crore, while EBITDA margin declined to 37% against 43.1% y/y.

Dewan Housing Finance ’s shares are locked in a 10% upper circuit as the NCLT approved Piramal Group’s resolution plan.

Hester Biosciences reported Q4 FY21 results. Revenue increased 47.2% y/y to Rs 64.2 crore. Profit came in at Rs 9.7 crore against Rs 2.7 crore in Q4 FY20.

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At 8:00 am IST, SGX Nifty Futures was trading at 15,764, compared with Nifty’s close of 15,751, yesterday.

Market Pulse: Confirmed Uptrend

Distribution Day Count: Two

Global stock markets: Dow30, -0.4%; S&P 500, -0.1%; Nasdaq, +0.5%; Kospi, +0.3%; Nikkei, -0.1%

Yesterday, Nifty opened higher but was volatile in the first hour. It gained strength as the day progressed and made a new all-time high. Nifty held gains and closed in the top quartile of the day’s range. Volume was comparatively low. The broader market outperformed. Stocks related to utilities and food and beverages were among the top gainers in midcap and smallcap categories. On the sectoral front, there was a mixed action. Nifty Financial Services, Metal, and Pharma closed 0.2–0.4% lower. On the flip side, Nifty IT, FMCG, and Auto closed 0.4–1.0% higher. Nifty50 is trading around 3.5% and 6.0% above its 21- and 50-DMA, respectively. FIIs were net sellers at Rs 186 crore, while DIIs were net buyers at Rs 983 crore.

Nifty making a new high, the broader market back in momentum, distribution day count down to two, and no distribution day after May 11 are positive signs for a sustainable rally. However, without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions. If the index falls further, adds a distribution day, and breaches its key moving averages, we may change the market status to an Uptrend Under Pressure. Focus on quality ideas emerging out of sound bases with RS line at or near new highs while reducing exposure to stocks breaking below key support levels.

Key News:

Shriram Tran.Fin launched QIP worth Rs 2,000 crore. Floor price set at Rs 1,433 per share.

Union Bank of India ’s PAT beat estimates, while NII was below estimates. PAT grew 83% q/q to Rs 1,329 crore. NII declined 18% q/q to Rs 5,402 crore. The bank plans to transfer Rs 7,800 crore of NPAs to national ARC in phase 1.

Icici Prudential Life Insurance announced an annual bonus of Rs 867 crore for all eligible participating policyholders for FY21.

Buy Watchlist: Nippon Life India Asset Management, Bajaj Finance, Sbi Cards And Payment Services,  Ambuja Cements, Eveready Inds.(India), Varun Beverages, Colgate-Palmolive India, Sharda Cropchem, Astral, Berger Paints India, Icici Bank,  Cholamandalam Inv.& Fin., Tata Power, and Apollo Hosps.Enterprise

Sell Watchlist: Advanced Enzyme Techs.

Yesterday, we added Radico Khaitan  and  Action Construction Equ to our portfolio. ACE is still trading in its ideal buy zone.

Recent articles:

Marketsmith India Daily Updates: Top 20 Stocks Down In Price Today.

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Marketsmith India Daily Updates: Activity Near The Key Moving Averages.