Today’s Action:
Key Indices traded within a narrow range today. However, even on a subdued trading day, indices managed to touch new highs signalling a strong bullish trend for the market.
Daily Market Review:
Benchmark indices experienced a range-bound trading session today, with both the indices touching new highs. Markets traded flat, for major part of the day, before ending the day with marginal losses. Broader Indices extended their gains.
The Nifty started the day exactly from where it closed yesterday at 10,440.50. It traded between 10,412.55 and 10,453 points to finally settle the day at 10,423.80 with loss of 0.16%. Today, the BSE Sensex also observed a flat day, as it lost 0.08% in today’s trading session. After trading in the narrow range of 33,527-33,657.57 it finally closed at 33,573.22.
Investor’s confidence in the broader market remains intact as Nifty Midcap and Smallcap continue to extend their rally with a gain of 0.21% and 0.74% respectively.
The market breadth, which indicates the overall health of the market, was in favor of sellers. On the NSE, 810 stocks deflated with 746 stocks advanced and 61 stocks remain unchanged.
Most of the sectors, sector wise, ended lower. The Nifty PSU Bank (-1.52%), FMCG (-1.00%), and Auto (-0.71%) were the biggest losers, while the Nifty Pharma surged more than 3% along with IT and Financial services gaining 0.26% each.
The MarketSmith IND 47 Index, our proprietary lists of the top 47 stocks in technical chart and fundamental characteristics, gained 0.37% today.
Bharat Road network announced that it will acquire the remaining 51% stake in Guruvayoor infrastructure, for a consideration of INR 97 crore. Such an acquisition will make Guruvayoor infrastructure a wholly owned subsidiary of Bharat Road Network.
The Nifty and the Sensex both observed a lower trading volume today, the distribution day count stands at two on the Nifty while none 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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