Daily Market Review
Market Pulse : Rally Attempt
Taking cues from global markets, Nifty opened with a gap down of about 60 points. As the day progressed, it attempted a modest recovery before succumbing to selling pressure in the last hour of today’s session where it shed about 0.70% and ended a volatile day holding significant losses. In the process, the index breached its crucial 200-DMA (11,684). Volume was on the higher side, compared with the previous trading session.
On the sectoral front, all the sectors closed in the red. Nifty Auto (-2.1%) continued to decline, while Nifty Realty staged a reversal and declined 1.9%. Further, Nifty IT, Metal, and Pharma declined more than 1%. Of 2,135 stocks traded, 579 advanced, 1,211 declined, and the remaining traded flat.
Looking forward, we would downgrade the market status to a Downtrend if it breaches its correction low of 11,614. The investors are advised to stay cautious in the current market scenario and follow a disciplined investment approach. Further, investors should have a watch on leadership quality stocks and see which ones hold up better or draw buying interest at inflection points. The stocks that recover the quickest tend to lead the next run.
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