Today’s Action:
Key indices displayed a spellbound trading session today, as they posted gains for the first time, after three consecutive days of distribution this week. The Nifty dropped one distribution day, due to ageing.
Daily Market Review:
Benchmark indices bounced back today ending a three day losing streak. The Nifty closed above 10,200 mark, while the Sensex also gained more than 300 points in today’s trading session. Midcap and Small cap indices also snapped from their down trend, following the frontline indices.The Nifty started the day on a positive note at 10,152.90, and gained 0.96% to end at 10,214.75. The trading range, for the Nifty, was observed between 10,139.20 and 10,232.25. Similarly, the BSE Sensex ended the day with gains of 1.06% at 33,106.82. After opening at 32,829.82 it traded in the wide range of 32,829.82-33,165.15.
The broader indices gained in line with the benchmark indices, with both the Nifty Midcap and the Small cap gaining 1.10% and 0.80%, respectively.
The market breadth, which indicates the overall health of the market was in favor of the gainers today. On the NSE, 1,012 stocks advanced and 462 stocks declined. A total of 50 stocks remained unchanged.
Sectoral chart displayed a bullish picture today with all the sectors on the winning side. The top-three gainers were Nifty PSU Bank, IT, and Energy, gaining 3.22%, 1.75%, and 1.47%, respectively.
The MarketSmith IND 47 Index, our proprietary lists of the top 47 stocks in technical chart and fundamental chart, gained 1.41% today, outperforming the major indices.
Suven Life sciences share price rallied 5.2% intraday on the news that the Company received product patent from Hong Kong, India, and US; the patents are valid till 2032, 2030, and 2034, respectively.
Both the Sensex and the Nifty observed a lower trading volume today, compared to yesterday’s trading session. The Nifty aged one distribution day today; thus, taking the total distribution day count to three on the Nifty and two on the Sensex.The Indian market remains in 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.
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