Daily Big Picture – Bulls Complete Longest Marathon As Indexes Yawn At S&P Outlook

Commentary Teaser-27.11.2017_MarketSmithIndia

Today’s Action:

Benchmark indices rebound from the afternoon’s low. Broader markets outperform major composites.

Daily Market Review:

The Indian market started the expiry week on a negative note, after the S&P global ratings agency Standard & Poor’s Ratings Services on Friday retained India’s ratings at BBB-and outlook stable. Despite few dips in the afternoon session and hitting an intraday low, both the indices managed to close on a positive note. This is the eighth straight session, where both the benchmark indices closed in the positive territory, completing the longest winning marathon of 2017.

The Nifty started the day at 10,361.05 and eked out gains of 0.09%  to end at 10,399.55. It traded in the range of 10,307.55-10,374.30. The BSE Sensex started the day at 33,640.51 and gained a 0.13% today. After trading in the range of 33,540.46-33,754.17 it ended the day at 33,724.44.

Today, the Nifty Midcap and Smallcap continued to extend their gains with 0.51% and 0.61%, respectively.

The market breadth, which indicates the overall health of the market, was in favor of gainer today. On the NSE, 860 stocks advanced and 586 stocks declined. A total of 47 stocks remain unchanged.

From the sectoral chart, Nifty Media significantly outperforms the benchmark with a gain of 2.19%. Other indices, such as Nifty Realty (+0.87%) and Nifty Bank (+0.44%) too depicted a strong trend. On the flipside, Nifty Metal (-0.69%) and FMCG (-0.25%) were the only losers.

The MarketSmith IND 47 Index, our proprietary lists of the top 47 stocks in technical chart and fundamental chart, gained 1.17% today outperforming the major indices.

Among the major news, Cupid was in limelight as the stock surged a 5.76% intraday high, after the company received a new order from United Nation Population Fund (UNFPA) to supply female condoms for the first time to Malawi, Africa worth INR 1.36 crore.

The distribution day count, for the Sensex and the Nifty, remains at 2.0 each, while the Indian market is at  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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