Category: Daily Market Commentary

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Making a bullish reversal indices close at record highs

MarketSmithIndia-WilliamOneilIndia

MARKET PULSE

Status: Confirmed Uptrend

Daily Market Review

The key indices along with the Nifty Midcap opened at their record highs and advanced their gains from the morning session. Indexes traded flat in the first half, but made a bullish reversal, and closed near session highs. Finishing on a positive note, the key indices posted small gains in today’s session. The broader markets showed weakness and closed in red.

The Nifty rallied by 0.14%, closing at a record high for the second session in a row on the back of gains in metal and auto stocks. The index opened at 9,517.60 and managed to close above 9500 levels, to end the day at 9,525.75. Making another intraday high, the index traded in the range of 9,486.10 – 9,532.60.

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Daily Big Picture – Equity benchmarks score new highs with the Nifty crossing 9,500 levels

MarketSmithIndia-WilliamOneilIndia

MARKET PULSE

Status: Confirmed Uptrend

Daily Market Review

The key indices along with the Nifty Midcap opened at their record highs and advanced their gains from the morning session.

With a stellar opening at 9,461, the Nifty continued its upward momentum to end the session at 9,512.25, gaining 0.71% or 60.85 points during the course. Hitting 9,500 levels for the first time in history, the index traded in a wide range of 9456.35 – 9517.20.

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Daily Big Picture – Key indices Pare Early Gains to End Flat

MarketSmithIndia-WilliamOneilIndia

Today’s Action:

The major indices maintain a positive stance despite a flat ending. The Nifty Midcap index follows key composites, while the Smallcap index posts significant loss.

Daily Market Review

In today’s session, the benchmark indices recorded new all-time highs for the second day in a row. The Sensex and the Nifty started off at fresh highs as the bulls took control of the markets in early trading hours. However, towards the end of trading, key composites gave up a major part of the intraday gains, likely due to profit booking.

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Daily Big Picture – Key Indices Scale Fresh All-time Highs; Good Monsoon Forecast Revives Uptrend

MarketSmithIndia-WilliamOneilIndia

Today’s Action:

The major indices surge to reclaim all-time highs. Uptrend continues in Midcap and Smallcap indices.

Daily Market Review

The benchmark indices posted solid gains in today’s session to mark fresh all-time highs. Maintaining their positive momentum for a third straight session, the key composites built up their early gains boosted by the Indian Meteorological Department’s (IMD) prediction of a good monsoon season in 2017.

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