Today’s Action:
Both the Nifty and the Sensex made an all-time high today and sets the perfect tone for the upcoming festivals. As the key indices crossed their previous resistance, the market is now back to “Confirmed Uptrend.”
Current Outlook:
– Market environment conducive for new purchases, but remain selective.
– Focus on fundamentally strong stocks breaking out of strong technical patterns.
– Stay disciplined and exercise sound buy and sell rules.
Daily Market Review
Key Indices started their festive week on a splendid note, as both the indices touched fresh highs. The strong earnings result, posted by the companies, uplifts the spirits of the investors.
The Nifty started the day at 10,207.40 points and advanced 0.62% today. After making an all-time high of 10,242.95 it finally settled at 10,230.85 points today, the day’s low was observed at 10,175.10. The Sensex opened at 32,488.23 points today, and also gained 0.62% in today’s trading session. It made an intraday all-time high of 32,687.32 and went down till 32,445.43 before finally settling at 32,633.64 points.
The market breadth, indicating the overall health of the market, was in favor of losers today. On the NSE, 692 stocks advanced, compared with 820 stocks declining, and 71 stocks remaining unchanged.
The Nifty Midcap and the Smallcap cheered today with gains of 0.30% and 0.26%, respectively.
In the Sectoral chart, majority of the sectors ended in green today. The top-three performers were Nifty Metal, Pharma, and Auto gaining 1.87%, 1.54%, and 1.25%, respectively. The only two losers were Nifty PSU Bank and Financial Services losing 0.21% and 0.04%, respectively.
Though the markets made fresh highs, yet both the Nifty and the Sensex observed a lower trading volume today compared to previous day’s trading session. The distribution day count remains at three in the Nifty and four in the Sensex. However, as the Nifty crossed it resistance level of 10,179 today on closing basis, we are changing the market status back to “Confirmed Uptrend.’’
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